Answered

Find the best answers to your questions with the help of IDNLearn.com's knowledgeable users. Get the information you need from our community of experts, who provide detailed and trustworthy answers.

invests $8,000 in a savings plan that pays 5% per year. What will the account balance be at the end of the first year?

Sagot :

Debmc7idn
The equation is I = PRT where I is the interest to, P is the principal, or money deposited, R is the rate in decimal form, and T is time in years.

I = (8,000)(0.05)(1)
I = $400

Add that to the original deposit and you have $8,400 as the account balance at the end of the first year
We appreciate your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Your questions are important to us at IDNLearn.com. Thanks for stopping by, and come back for more reliable solutions.