Herman puts 300.00 into an account to use for school expenses. The account earns 12% interest, compounded annually. How much will be in the account after 8 years?

Solución

Solución

Amount : 742.79

Pasos de solución

Translate the problem into an equation:

A = 300 (1 + \frac{0.12}{1})^{1 \cdot 8}

300 (1 + \frac{0.12}{1})^{1 \cdot 8} = 742.78895 \dots

Round to the nearest hundredth:

742.79

Amount : 742.79

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