To find the amount of money in the account after 8.5 years we will first turn 5.6% into a decimal. We'll do that by moving the decimal within the percentage two places to the left. That leaves us with 0.056.
Next, we'll multiply our factors to help us find out how much interest will be accrued within the 8.5 years.
500 x 0.056 x 8.5 = 238.
Margarito will earn $238 within an 8.5 year time frame.
Since her original deposit was $500 and assuming no other deposits/withdrawls occur within the time frame, we will add $238 of interest to the original deposit.
500 + 238 = 738.
This means, that Margarito will have $738 in her savings account after 8.5 years of just accruing interest.
