Find the simple interest principal 8000 rate 12% time 5 1/2 years

5280

Step-by-step explanation:

12% of 8000 = 960

960 x 5.5 = 5280

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-Chetan K

We get that option (1) is a better 18th Birthday gift of child by Grandfather.

Step-by-step explanation:

Given that,

Amount deposited in bank at time of birth by Grandfather is $100.

And there is no other deposits and withdrawals for 18 years.

So,

                           Principal amount =$100

                                              Time = 18 years

               Rate of interest of bank = 10.5%

Option 1:- An account That grows by 10.5% each year

we know that Bank give compound interest on the deposit amount

then                   Compound interest =

∴                                                

Option 2:- An account that grows by $20 each year

Here,

                    Amount credited in account for 18 years = $20

So,                Total amount after completion of 18 years =

                                                                                           =

Hence,

We get that option (1) is a better 18th Birthday gift of child by Grandfather.