Question: 5. A businesswoman invests Rs. 350,000.00 in a fixed deposit offering 6% interest compounded yearly. c) Find the total amount of money she would have at the end of 8 years. d) Briefly explain the technique you used to solve (a).

1. **Problem Statement:** A businesswoman invests $350000$ at an interest rate of $6\%$ compounded yearly. We need to find the total amount after $8$ years. 2. **Formula Used:** The formula for compound interest is: $$ A = P \left(1 + \frac{r}{n}\right)^{nt} $$ where: - $A$ is the amount of money accumulated after $t$ years, including interest. - $P$ is the principal amount (initial investment). - $r$ is the annual interest rate (decimal). - $n$ is the number of times interest is compounded per year. - $t$ is the time the money is invested for in years. 3. **Given Values:** - $P = 350000$ - $r = 6\% = 0.06$ - $n = 1$ (compounded yearly) - $t = 8$ 4. **Calculation:** $$ A = 350000 \left(1 + \frac{0.06}{1}\right)^{1 \times 8} = 350000 \left(1 + 0.06\right)^8 = 350000 \times 1.06^8 $$ 5. Calculate $1.06^8$: $$ 1.06^8 = 1.593848 $$ 6. Multiply by principal: $$ A = 350000 \times 1.593848 = 557846.8 $$ 7. **Final Amount:** The total amount after 8 years is approximately $557846.8$. 8. **Explanation of Technique:** The technique used is compound interest calculation, where interest is added to the principal yearly, and the next year's interest is calculated on the new principal (principal + interest). This leads to exponential growth of the investment over time.