Question

Tonya put $250 into an account three years ago. the first year he earned 6 percent interest, the second year 7 percent, and the third year 8 percent. about how about much does tonya have in her account now?

Answer 1

$287.64

Calculate the interest for each year, then add it to the principal for the next year.

Year 1: 250 * .06 = 15

New balance 250+15 = 265

Year 2: 265 * .07 = 18.55

New Balance 265+ 18.55 = 283.55

Year 3: 283.55 * .08 = 22.68

New Balance 265+ 22.68 =287.64