Question

john has decided to start saving for a car , on his 15birthday he starts depositing 500 per week into a bank account with annual interest rate pf 8% compounded weekly , he will continue to make these weekly payments until the day of his 24th birthday , how much money will he have saved by then to finance the purchase of a new car?

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Answer 1

Answer:

$5

Step-by-step explanation:

Discussing interest starts with the principal, or amount your account starts with. This could be a starting investment, or the starting amount of a loan. Interest, in its most simple form, is calculated as a percent of the principal. For example, if you borrowed $100 from a friend and agree to repay it with 5% interest, then the amount of interest you would pay would just be 5% of 100: $100(0.05) = $5. The total amount you would repay would be $105, the original principal plus the interest