# Sally puts $200.00 in a bank account. This account earns 8% compound interest. How much money is in the account after three years?

A

$151.94

B

$240.00

C

$251.94

D

$160.00

I really need help on how to solve this, I tried all the stuff I learned this unit, but I can't really solve it correctly, so I'd really appreciate help.

## Thank you very much!

My answer is 251.94, is that correct?

## Unit 6 lesson 6 Portfolio PreAlgebra answers for Triand.

1. B

2. D

3. D

4. D

5. B

6. C

7. B

8. C

9. D

10. D

11. A

12. B

13. A

14. B

15. B

16. C

## yes

## 200 (1.08)^3

## Wow is correct

## To solve this problem, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:

A = future amount (the total money in the account after a certain time)

P = principal amount (the initial amount that Sally puts in the account)

r = annual interest rate (in decimal form)

n = number of times the interest is compounded per year

t = number of years

In this case, P = $200.00, r = 8% (or 0.08 as a decimal), n = 1 (as the interest is compounded annually), and t = 3.

Plugging these values into the formula, we get:

A = 200(1 + 0.08/1)^(1*3)

A = 200(1.08)^3

A ≈ $251.94

So the answer is C, $251.94. After three years, Sally will have $251.94 in her bank account.