Question

Maria invests $6,154 in a savings

Answer 1

Answer:

$13286.02

Step-by-step explanation:

100 + 8 = 108

108 / 100 = 1.08

6154 x $1.08^{10}$ = $13286.02

Answer 2

Answer:

• $ 11077.20 or $ 13286.02

Step-by-step explanation:

Since it doesn't specify the interest type, we'll consider both simple and compound interests.

Given:

• Principal P = $6154
• Interest rate r = 8% or 0.08
• Time t = 10 years

Simple interest:

• $A = P(1+rt) = 6154( 1 +0.08*10) = 11077.20$

Compound interest (compounded annually):

• $A=P(1+r)^t=6154(1+0.08)^{10} = 13286.02$