josie has 800 savings account that earns 10 interest per year

Calculate the interest after 1 year

Answers

Answer 1

Answer:

$880

Explanation:

Use the compound formula: [tex]A=P(1+\frac{r}{n} )^n^t[/tex]

A=final amount

P=Initial balance (in this case 800)

r=interest rate (in this case 10%=0.1)

n=number of times interest applied per time period (in this case 1)

t=time (in this case 1)

Substitute into the formula: [tex]A=800(1+\frac{0.1}{1} )^(^1^)[/tex]

Solve: [tex]A=800(1.1)^1[/tex]

[tex]A=880[/tex]

I hope this helped you! (:

Stay safe and have a great night/day!


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