Question

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.

Answer 1

please help!!!

Answer 2

800x.10=.80 then times bye 8

Answer 3

im confused

Answer 4

Have you seen this formula....

A = P (1+ ir)^N

Answer 5

no I havent

Answer 6

Then review your book or notes, if you can't find it then you will have to do it the hard way...

Answer 7

The hard way is to calculate the interest earned each year and to apply the interest to the previous year's principal....