Answer:
The amount of money after 8 years is $8448.69
Step-by-step explanation:
The rule of the compound interest is
[tex]A=p(1+r)^{t}[/tex] , where
∵ There is $7500 in an account
∴ P = 7500
∵ The account paying 1.5% compound interest
∴ r = 1.5% = 1.5/100 = 0.015
∵ The money will invest for 8 years
∴ t = 8
→ Substitute all of these values in the rule above to find A
∵ [tex]A=7500(1+0.015)^{8}[/tex]
→ Use your calculator to find the answer
∴ A = 8448.69
∴ The amount of money after 8 years is $8448.69
