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23 January, 20:36

Ceasar opens a bank account and makes an initial deposit of $800. The banker tells Ceasar that he is going to receive an annual rate of 10% on his investment. Find the bank balance assuming Tom leaves the account untouched for 8 years.

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  1. 23 January, 21:30
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    Initial Deposit = $800

    Annual rate =.1%

    Leaves = 8 years

    8 x. 1 =.8

    $800 x. 8 = $640

    $800+$640 = $1,440

    So your answer is $1,440 is the bank balance in 8 years.
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