Answer:
$2800.00
Step-by-step explanation:
A total accrued amount 800 = principal (P) $2000 + interest (I)
R Rate of interest per year decimal - 0.08
X Rate of interest per year percentage - 8%
T time period months or years - 5 years
Equation will be A = P (1 + RT)
first convert X to R = percentage to decimal
X = R/100 = 8%/100 = 0.08 per year
Solving:
A = 2000 (1 + (0.08 x 5)) = 2800
A = $2800
