Question

The amount of money in Joe’s savings account is increased by 8% each year. Given that he has £500 in 2016. Work out how much Joe will have in 2021.

Answer 1

Answer: £700

Step-by-step explanation:

SI = prt

SI = 500 x .08 x 5

SI = 200

Amount = 500 + 200 = 700

Answer 2

Answer:

700 in 2021

Step-by-step explanation:

X = 500 x .08 x 5

X = 200

Amount = 500 + 200 = 700