How much interest will he earn after 8 years?
Brennan opened a savings account and deposited $700.00 as principal. The account earns 1% interest, compounded annually. How much interest will he earn after 8 years?
Brennan opened a savings account and deposited $700.00 as principal. The account earns 1% interest, compounded annually. How much interest will he earn after 8 years?
1 Answer
May 20, 2018
$756
Explanation:
The formula you need is this simple interest formula:
P is the original principal
r is the interest rate
t is the time in years
P =700
r = 1% = 0.01
t = 8
So $756