SOLUTION: you put $1500.00 in a simple interest savings account. Two years later the total account balance is $1665.00. What will be the total amount of money in the account after 8 years

Question 937405: you put $1500.00 in a simple interest savings account. Two years later the total account balance is $1665.00. What will be the total amount of money in the account after 8 years

Answer by TimothyLamb(4379) (Show Source): You can put this solution on YOUR website!
v = p( 1 + (r/n) )^(nt)
where:
v = final value
p = initial (principal) value
r = interest rate (as a decimal)
n = number of compounding periods per year
t = number of years
---
1665 = 1500*( 1 + r )^2
( 1 + r )^2 = 1665/1500
sqrt( ( 1 + r )^2 )= sqrt( 1665/1500 )
1 + r = sqrt( 1665/1500 )
r = sqrt( 1665/1500 ) - 1
r = 0.0535653752853
---
v = 1500*( 1 + 0.0535653752853 )^8
v = 2277.105615
---
answer:
$2277.11
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