Answer:
$766.28
Step-by-step explanation:
The equation for interest rate is as follows:
[tex]A = P(1 + r)^t\\[/tex]
A = The total amount
P = Initial amount
R = The interest rate
T = Time
Let's plug everything into the equation that is given in the question:
The initial amount = 612
Interest rate = 2.85
Time = 8 years
[tex]A = 612(1+.0285)^8[/tex]
***Just a reminder we move the decimal over twice when working with percents***
Now, lets solve for the total amount:
[tex]A = 612(1.0285)^8\\A = 612(1.252086602)\\A = 766.28[/tex]
Therefore, after 8 years the principal is $766.28.
I hope this helps!!
If you have any questions feel free to ask!
- Kay :)
