Asked by Brandi
Need help setting up the problem: If you deposited $800 into a savings account with an interest rate of 3.8%, what will be your balance at the end of 1 year. I was thinking the overall answer is 830.40 but you are supposed to use a percent equation and a proportion equation. I don't know how to do that in this situation. Thanks..
Answers
Answered by
Henry
Compounded Annually:
P = Po(1+r)^n.
n = 1Comp/yr * 1yr = 1.
P = 800(1.038)^1 = $830.40
Simple Int.
P = P + Po*r*t = 800 + 800*0.038*1= $830.40.
P = Po(1+r)^n.
n = 1Comp/yr * 1yr = 1.
P = 800(1.038)^1 = $830.40
Simple Int.
P = P + Po*r*t = 800 + 800*0.038*1= $830.40.
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