Question

Chris owes $17,000 to a bank. The debt grows with 8% annual interest that compounds every year. How

Answer 1

• Interest rate=8%

interest

$\\ \rm\longmapsto 17000\times 8\%$

$\\ \rm\longmapsto 17000\times \dfrac{8}{100}$

$\\ \rm\longmapsto 170(8)$

$\\ \rm\longmapsto 1360$

Total

$\\ \rm\longmapsto 17000+1360=18360$

Option C is correct

Answer 2

Answer:

18360

Step-by-step explanation:

A = P (1 + r/n)^(nt)  where A is the amount in the account, P is the principle, r is the interest rate , n is the times compounded per year, t is the number of years

A = 17000 (1 + .08/1)^(1*1)

A = 17000( 1.08)^1

A = 18360