Question

Ceasar opens a bank account and makes an initial deposit of $800. The banker tells Ceasar that he is going to receive an annual rate of 10% on his investment. Find the bank balance assuming Tom leaves the account untouched for 8 years.

Answer 1

Initial Deposit= $800
Annual rate= .1%
Leaves= 8 years

8 x .1= .8
$800 x .8= $640
$800+$640= $1,440

So your answer is $1,440 is the bank balance in 8 years.