Answer:
The ending balance is of $790.1.
Step-by-step explanation:
Compound interest:
The amount of money earned after t years, in compound interest, is given by:
In which A(0) is the initial amount of money and r is the interest rate, as a decimal.
$600 that earns 3.5% compound interest over 8 years
This means, respectively, that:
So, the formula is:
Ending balance:
The ending balance is:
The ending balance is of $790.1.
About 14.58% it’s 3499.2 14.59% ends up being around 3501.6