at the end of each year, the account is 8% larger (multiplied by 1.08)
the general formula is ...
amount = initial amount (1 + interest per compounding)^(compoundings)
A = 200 (1 + .08)^3
Sally puts $200.00 in a bank account. This account earns 8% compound interest. How much money is in the account after three years?
A $151.94
B $240.00
C $251.94
D $160.00
I know a and d are wrong, but this is confusing me.
2 answers
answer is c- 251.94
13 answers