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Math

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Need help setting up the problem: If you deposited $800 into a savings account with an interest rate of 3.8%, what will be your balance at the end of 1 year. I was thinking the overall answer is 830.40 but you are supposed to use a percent equation and a proportion equation. I don't know how to do that in this situation. Thanks..

  • Math - ,

    Compounded Annually:
    P = Po(1+r)^n.
    n = 1Comp/yr * 1yr = 1.
    P = 800(1.038)^1 = $830.40

    Simple Int.
    P = P + Po*r*t = 800 + 800*0.038*1= $830.40.

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