That person have $ 573.79 in his account balance after 8 years.
What is Compound Interest?
Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on principal plus interest.
Here, Principal = $ 310
Rate of interest = 8%
Time = 8 years
We know,
Amount = P (1 + i )ⁿ
= 310 X (1 + 0.08)⁸
= 310 X 1.85
= $ 573.79
Thus, that person have $ 573.79 in his account balance after 8 years.
Learn more about Compound Interest from:
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