if left alone:
amount = 500(1.055)^8 = ....
if $150 is take out,
amount = 350(1.055)^8 - ...
take the difference between the two answers
Bridgette's grandparents opened a savings account for her and placed $500 in the account. The account pays 5.5% interest. Bridgette wants to be a singer and she has her heart set on a new karaoke machine. The machine costs $150. How much less will the account be worth in 8 years if she buys the karaoke machine now versus leaving the account untouched?
1 answer
5 answers