2 years ago

Paula has $3,281 in a savings account that earns 8% interest, compounded annually.

Mathematics

1 answer:

olga nikolaevna [1]2 years ago

8 0

Answer:

$262.48

Step-by-step explanation:

Given:

Saving amount P = $3281
Interest rate r = 8% or 0.08
Compound number n = 1
Time t = 1 year

Find the total amount in 1 year:

$I = P(1 + r/n)^{nt}-P$ $I = 3281*(1 + 0.08/1)^{1*1} -3281 = 3281*1.08 - 3281= 3281*0.08=262.48$

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