Answer:
$253.35.
Explanation:
To find the amount in an account at compound interest, we use the formula below:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]• Principal, P=$200
,• Interest Rate, r=3%=0.03
,• Number of times compounded, n=1
,• Number of years, t=8
Substituting the values, we have:
[tex]\begin{gathered} A=200(1+\frac{0.03}{1})^{1\times8} \\ =200(1+0.03)^8 \\ =200(1.03)^8 \\ =\$253.35 \end{gathered}[/tex]The amount in the account after 8 years will be $253.35.
