Answered

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Mr. Bayless invests $3500 in a savings plan. The savings account pays an
annual interest rate of 4.75% on the amount he put in at the end of the
year. How much will Mr. Bayless earn if he leaves his money in the savings
plan for 8 years and how much money will be in his savings plan at the end
of 8 years?

Sagot :

abidemiokin

Answer:

Interest = $1330

Amount = $4830

Step-by-step explanation:

Given

Principal = $3500

Rate = 4.75%

Time T = 8 years

Interest =PRT/100

Interest = 3500*4.75*8/100

Interest = 35*4.75*8

Interest = $1,330

Hence the interest earned by Mr. Bayless is  $1,330

Amount after 8years = Principal + Interest

Amount after 8years = 3500+1330

Amount after 8years = $4830

Hence the amount after 8years is $4830

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