Problem:
How much money would you have if you deposited $100.00 in an account that earned 8% interest after 20 years?.
Solution:
Step 1: Calculate 8% of the given amount ($100.00):
[tex]100.00\text{ x 0.08 = \$8 }[/tex]Step 2: Add the above value to the money deposited:
$100.0 + $8 = $108.0
Thus, we can conclude that the money in this account after 20 years is $108.0
