Question

Elisa puts $750 in a savings account. The account earns an annual

interest rate of 8%. How much will she earn after 5 years? What is the
balance of her account?​

Answer 1

750/100 X 8 = 60

60 X 5 = 300

she will earn $300 simple interest

balance of account = $1050

compound interest

100 + 8 = 108

108/100= 1.08

750 X 1.08^5 = 1101.9960576

1102.00 - 750 = $352 compound interest

balance of account = $1102