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FrozenT
[24]
3 years ago
12
invests $8,000 in a savings plan that pays 5% per year. What will the account balance be at the end of the first year?
Mathematics
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jeka57
[31]
3 years ago
8
0
The equation is I = PRT where I is the interest to, P is the principal, or money deposited, R is the rate in decimal form, and T is time in years.
I = (8,000)(0.05)(1)
I = $400
Add that to the original deposit and you have $8,400 as the account balance at the end of the first year
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