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Jack received $300 for his 13th birthday. If he saves it in a bank account with 8% interest compounded yearly, how much money will he have in the bank by his 18th birthday?

Jack received $300 for his 13th birthday. If he saves it in a bank account with 8% interest compounded yearly, how much money will he have in the bank by his 18th birthday?
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Jack received $300 for his 13th birthday. If he saves it in a bank account with 8% interest compounded yearly, how much money will he have in the bank by his 18th birthday?

asked
User Lytze
by
8.1k points

1 Answer

2 votes

300(1.08)^5

440.798423

answered
User Alirabiee
by
8.2k points
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