Question

1

Answer 1

It depends if you are adding more money into the account or not

Answer 2

Hi there!

Convert 2% into...

$2=100$

Divide both terms together:

$500$÷$100=5$

Multiply 5 by 2...

$5$·$2=10$

Multiply terms with terms...

$10$·$8=80$

A. $80, the interest earned is $80 after 8 years...

Add $500 with $80:

$500+80=580$

B. $580, the balance is $580 after 8 years...