Answer:
$305.9022863 or $305.90 (rounded to 2 decimal places)
Step-by-step explanation:
It is a compound interest, meaning an interest accumulates on an initial amount every period. The formula
A= P(1+R)^n
A= the total amount P=Initial amount R= rate n=time period
P=$100 R=15% or 0.15(decimal) n=8 (years)
A= 100 (1.15)^8
A= 100(3.059022863)
A=305.9022863
The amount you will have after 8 years is $220
The formula for calculating simple interest is expressed as:
SI =PRT
P is the principal = $100
T is the time = 8 years
R is the rate. = 15%
SI = 100 * 8 * 0.15
SI = $120
Amount after 8years = $100 + $120
Amount after 8years = $220
Hence the amount you will have after 8 years is $220
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