Answered

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Harlow earns 4% simple interest on her savings account. Her initial
principal was $800. If she leaves the money in savings for 10 years, how
much interest will she earn? *

Sagot :

corneltuttle

Answer:

The final balance is $1,193.46.

The total compound interest is $393.46.

Step-by-step explanation:

The final balance is $1,820.62.

The total compound interest is $520.62.

The compound interest on initial balance is $393.46.

The compound interest on additional deposits is $127.16.

The final balance of initial money is $1,193.46.

The final balance of additional deposit is $627.16.

The sum of the additional deposits is $500.

The total principal (initial balance plus total additional deposits) is $1,300.

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Interest with yearly comp.Add. interest with continuous comp.

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