Mary invests $800 into a high interest savings account. in the first year, the value of her saving increases by 8%. in the second year, there is a further increase of 8%. what is the total value of her investment after two years? round your answer in dollars and cents to the nearest cent. do not include commas or the dollar sign in your answer. for example, if your answer is $1,237.12, enter 1237.12.

The Total value after 2 years=933.12

Step-by-step explanation:

The total value of Mary's investment after two years  can be expressed as;

Total value=(Initial investment+Interest)

where;

For the first year,

Initial investment=$800

Interest=Initial investment×interest rate×time

where; Initial investment=800, Interest rate=8%, time=1 year

replacing;

Interest=800×(8/100)×1=$64

Interest=$64

Total value after 1 year=(800+64)=$864

For the second year,

Initial investment=$864

Interest=Initial investment×interest rate×time

where; Initial investment=864, Interest rate=8%, time=1 year

replacing;

Interest=864×(8/100)×1=$69.12

Interest=$69.12

Total value after 2 years=(864+69.12)=$933.12

The Total value after 2 years=933.12

because linear equations are a lot simpler than quadratics equations, and linear equations formula is a lot easier to memorize. that's why i think they're harder.

explanation:

the loan estimate encourages consumers to shop. since it is the lenders who are required to issue a standardized loan estimate in a specific time frame, this way consumers are provided an opportunity to compare lenders and their products. otherwise consumer wouldn't know the benefits offered by other lenders.  

if a loan originator does not provide a loan estimate within 3 business days of receiving a completed loan application, that lender is in violation. lenders are required to issue a loan estimate within 3 days of applying for a loan or within 7 days prior to closing. having a loan estimate has following information.

not having loan estimate won't give you an idea of money to be borrowed.

you get to know your interest rates.

you also get to know if your interest rate can or may vary.

not having a good faith estimate can keep you unaware of aforementioned points.