Question

You Invest 2,500 into a savings account at a bank that earns 6.5% interest annually. If you keep the money in the bank for 8 years, how much would you receive?​

Answer 1

Answer:

$3800

Step-by-step explanation:

M = Money

Y = Years

M = 2500 + Y * (.065 * 2500 ) [First, write an equation that fits the situation.]

M = 2500 + Y * (162.5) [Simplify]

M = 2500 + 8(162.5) [Substitute 8 for Y]

M = 2500 + 1300 [Solve]

M = 3800