Answer:
Erin will have $60,800 in eight months.
Step-by-step explanation:
Formula for solving: A = P(1 + rt)
Principal: $60,000
Rate: 2%
Time: 8 months
1. Convert r into a decimal:
2%/100 = 0.02 per year.
2. Let's put the time in years so it could be easier.
8 months ÷ 12 months ÷ year = 0.666667 years.
A = 60000(1 + (0.02 × 0.666667)) = 60,800.0004
3. Now let's round, 60,800.0004 = 60,800.
A = $60,800.00
