Alvin opened a savings account with $24,000 at the birth of his daughter; the account pays 8.5% simple interest. ( 8 marks)
A . What is the interest in the account after ten years?
B . What is the value of the account after 18 years?
(PLEASE BE SERIOUS ABOUT THIS)
Answers
Answered by
1
Answer:
A) interest of after ten year will=$2040
Answered by
1
Answer:
A. $24,000 x (1.085^10) = $54263.60
B. $24,000 x (1.085^18) = $104218.91
Step-by-step explanation:
A. 100% + 8.4% = 108.5%
108.5/100 = 1.085
$24,000 x 1.085^10 = $54263.60
B. 100% + 8.4% = 108.5%
108.5/100 = 1.085
$24,000 x 1.085^18 = $104218.91
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