clary has 200.00 dollars in the bank, every year that passes she will get 8 percent interest?

Question

how much interetst will she get in 3 years?

i forgot how to do percents...but i tried like multypling .8 and 200 to get the percent and i multiplied by 3.
i got 160 and i multipy by 3 but it's not in the choices what am i doing wrong and how do i know what steps to use when solving for different ones?

Answer 1

The formula for calculating compound interest is as follows

FV = PV(1+i)^n

where FV is the future value, PV is its present value, i is the interest rate,and n is the number of years.

FV = 200 (1+0.08)^3

FV= 200(1.08)^3

FV= 251.94.

Answer 2

First it is 8 percent not 80. It's .08
Next the first year Clary has 216 in the bank. The next year the interest is based on 216 x .08 so it becomes 17.28 plus 216 giving you 233.28. The third year the interest is based on 233.28 which is 18.66 plus 233.28 giving you 251.94.

Answer 3

1st year:

Interest=8% of $200.00
=0.08*200
=$16

2nd year:

Interest=8% of $(200.00+16)
=0.08*216
=$17.28

3rd Year:

Interest=8% of $(200.00+16+17.28)
=0.08*233.28
=$18.6624

Therefore the total interest in 3 years =16+17.28+18.6624

=$51.9424
=$51.94 [appx}

The interest must be calculated on the balance at the beginning of the year and not on the principal amount that you deposit into the bank

Answer 4

Amount = A
Capital = C
Interest = I
rate = i
time = t
A = C(1 + i)^t
A = 200(1 + 0.08)³
A = 200 * 1.26
A = 251.94

I = A - C
I = 251.94 - 200,00
I = 51.94
Answer: She will get in 3 years $ 51,94.
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Answer 5

1 year interest : 8 % x 200 = 16.00 dollars
total money = 200 + 16 = 216.00 dollars
2 year interest : 8 % x 216 = 17.28 dollars
total money (after 2 years) = 216 + 17.28 = 233.28 dollars
3 year interest : 8 % x 233.28 = 18.66 dollars
total money ( after 3 years) = 233.28 + 18.66 = 251.94 dollars

Total interest : 16.00 + 17.28 + 18.66 = 51.94 dollars

Answer 6

Multiply by 1.08.

After one year, she will have 216.00
After two years, 233.28
After three years, 251.94

The trick is that to get the second year's total, you have to use the new total from the first year. The same holds true for getting the third year's interest.

This is assuming simple interest, added once a year, not compounded daily or weekly or anything like that.

Answer 7

financial corporation of usa has many kinds of debts with distinctive expenses of interest. additionally, they do no longer publicize this, yet they supply distinctive expenses and words in distinctive states, so which you will get a extra appropriate fee by using establishing an account at considered one of their branches in yet another state.

Answer 8

200*(1.08)^3 = 200*1.259712 = 251.9424

$51.94 in interest

Answer 9

assuming it is simple interest the answer is

200(1+.08)^3

if it is compound interest we need more information about how it is compounded. since interest on periods greater than one year is almost always compound, the answer will be greater than that given by computing the simple interest.