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Alex deposited x dollars into a new account that earned 8 percent annual interest, compounded annually. One year later Alex deposited an additional x dollars into the account. If there were no other transactions and if the account contained w dollars at the end of two years, which of the following expresses x in terms of w ?
a: w/1+1.08
b: w/1.08+1.16
c: w/1.16+1.24
d: w/1.08+1.08^2
e: w/1.08^2+1.08^2
my approach is :
deposit is x:
(1.08){x(1+0.08)}=w, then x=w/1.16*1.08
Am I missing anything here?? Pls explain....
No, No, I calculate in a wrong way, I chose B~~!!!! Pls explain in details and give me a full calculation process!!! Thank you
a: w/1+1.08
b: w/1.08+1.16
c: w/1.16+1.24
d: w/1.08+1.08^2
e: w/1.08^2+1.08^2
my approach is :
deposit is x:
(1.08){x(1+0.08)}=w, then x=w/1.16*1.08
Am I missing anything here?? Pls explain....
No, No, I calculate in a wrong way, I chose B~~!!!! Pls explain in details and give me a full calculation process!!! Thank you
Last edited by tracyyahoo on Mon Oct 03, 2011 10:34 pm, edited 2 times in total.
