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2 years ago

If the money and interest are left in the bank how much is the total accumulated savings at the end of the second year for a sav

ings of $3500 at 8% annually compounded interest

Mathematics

1 answer:

Mekhanik [1.2K]2 years ago

6 0

$\qquad \textit{Compound Interest Earned Amount}\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\qquad 
\begin{cases}
A=\textit{current amount}\\
P=\textit{original amount deposited}\to &\$3,500\\
r=rate\to 8\%\to \frac{8}{100}\to &0.08\\
n=\textit{times it compounds per year}\to &1\\
t=years\to &2
\end{cases}
\\ \quad \\
A=3500\left(1+\frac{0.08}{1}\right)^{1\cdot 2}\implies 3500(1.08^2)$

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