Ceasar opens a bank account and makes an initial deposit of $800. The banker tells Ceasar that he is going to receive an annual rate of 10% on his investment. Find the bank balance assuming Tom leaves the account untouched for 8 years.

Question

Whitney

Mathematics

11 January, 01:32

Ceasar opens a bank account and makes an initial deposit of $800. The banker tells Ceasar that he is going to receive an annual rate of 10% on his investment. Find the bank balance assuming Tom leaves the account untouched for 8 years.

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Cristian Bridges · Answer 1

Initial Deposit = $800

Annual rate =.1%

Leaves = 8 years

8 x. 1 =.8

$800 x. 8 = $640

$800+$640 = $1,440

So your answer is $1,440 is the bank balance in 8 years.