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How do you use the formula to solve these problems: initial deposit of $500, at 8% for 3 years?

1 Answer

Jun 16, 2018

Amount at the end of 3rd-year $= $ .620$ $=$.620$

Explanation:

Given -

Initial Deposit $P = $ .500$ $P=$.500$
Rate of Interest $I = 8 %$ $I=8%$
Period $N = 3$ $N= 3$ years

Amount at the end of 3rd year =?

Amount at the end of 3rd year $= P + (P . I . N)$ $=P + (P.I.N)$

$= 500 + (500 \times \frac{8}{100} \times 3) = 500 + 120 = 620$ $=500 + (500 xx 8/100 xx3)=500 +120=620$

Amount at the end of 3rd-year $= $ .620$ $=$.620$

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