mabel has 8000 in a bank her money decreases at the rate of 10% every month. How much money will she have after one year?

Question

mabel has 8000 in a bank which is below her required remaining balance. As penalty, her money decreases at the rate of 10% every month. How much money will she have after one year?

 

Answer 1

R, if we take 10% away, we are left with 90%, right? The next month, we have 90% of the 90%, etc.

 

8000(.9)^12 =2259.84