jikookshipper432
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Larry put $1,287 into a savings account 8 years ago. • The account earned 4% simple annual interest. • He made no additional deposits or withdrawals. Based on this information, what is the balance in dollars and cents in Larry's savings account at the end of these 8 years? Record your answer in the boxes below. Be sure to use the correct place value.​

Sagot :

MrRoyal

The balance in Larry's savings account at the end of these 8 years is 1698 dollars and 84 cents

What is the balance in dollars and cents in Larry's savings account at the end of these 8 years

The given parameters are

Principal, P = 1287

Rate, R= 4%

Time, T = 8

The balance in dollars and cents in Larry's savings account at the end of these 8 years

Balance = P * PRT

This gives

Balance = 1287 + 1287 * 4% * 8

Evaluate

Balance = 1698.84

Hence, the balance in Larry's savings account at the end of these 8 years is 1698 dollars and 84 cents

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