Question

If $60 is put in an account that gets 7% and I add $15 per year, how much will I have at the end of 8 years?

Answer 1

It will be the one that equals 7/12

Answer 2

Answer with explanation:

Amount in my account =$ 60

→Amount in my account after 8 years, if rate of interest is 7%

Amount→(using the formula of compound interest)

`=P(1+(R)/(100))^t\\\\=60(1+(7)/(100))^8\\\\=60*(1.07)^8\\\\=60* 1.7181\\\\=103.10`

→And $ 15 is added every year in my account for 8 years.

Total Money after 8 years = $15×8=$120

Total Money in my Account after 8 years = $103.10+$120

=$223.10