Answer to Question #307001 in Financial Math for Israel

Question #307001

Thandi deposits 800 into a bank .The bank will pay simpl interest rate 8% per year.How much will thandi get when she withdraws all her money after 5 years

Expert's answer

$A=P(1+r.n)$

P=800

r=0.08

n=5 years

$=800(1+0.08×5)=1120$

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