Question

a savings account is compounded annually at an interest rate of .7%. after 8 years how much would the interest only be an initial savings account of $3000

Answer 1

Year 1  3000 x .007 = 21.00
Year 2  3021 x .007 = 21.15
Year 3  3042.15 x .007 = 21.30
Year 4  3063.45 x .007 = 21.44
Year 5  3084.89 x .007 = 21.59
Year 6  3106.48 x .007 = 21.75
Year 7  3128.23 x .007 = 21.90
Year 8  3150.13 x .007 = 22.05
                                        _____
                                   
                                         172.18 interest