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sdas [7]
3 years ago
15

The amount of money in Joe’s savings account is increased by 8% each year. Given that he has £500 in 2016. Work out how much Joe

will have in 2021.
Mathematics
1 answer:
ololo11 [35]3 years ago
5 0

Answer:

£700

Step-by-step explanation:

First we find the interest on this money.

Interest = Principal * Rate * Time

             =\frac{500 * 8 * 5}{100}

            =5 * 8 * 5

            =£200

Interest = £200

Now you add his actual money to the interest you just found to give you the total amount.

Amount = £500 + £200

             = £700

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