Question

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)

Answer 1

Answer:

A) interest of after ten year will=$2040

Answer 2

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