SOLUTION: I have $200 in the bank it gained 8% how much will it gain in three years?

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Question 237951: I have $200 in the bank it gained 8% how much will it gain in three years?
Answer by unlockmath(1688) About Me  (Show Source):
You can put this solution on YOUR website!
Hello,
A little more information is needed but let me see if I can help you out.
If the 8% is a simple interest then we can multiply 8% times $200.
.08($200)= $16 interest for one year.The second year multiply 8% times $216
.08(216)=$17.28 Add this to $216 for a total of $233.28
Now for the 3rd year multiply 8% times 233.38
.08(233.38)=$18.66 interest added to $233.38 for a total of $252.04
There is a faster way but I wanted to show you how it works so you have a better understanding of how it works.
RJ Toftness
www.math-unlock.com