8. -/1 points 0/5 submissions used\nyou deposit $950 in an account paying an annual simple interest rate of…

Explanation:

Step1: Identify the simple - interest formula

The formula for simple interest is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. The future value $A$ of an investment is given by $A=P + I=P(1 + rt)$.

Step2: Convert the interest rate to decimal form

The annual interest rate $r = 7.7%=0.077$. The principal amount $P=$950$ and the time $t = 1$ year.

Step3: Calculate the future value

Substitute the values into the formula $A=P(1+rt)$. So, $A = 950\times(1+0.077\times1)$. First, calculate the value inside the parentheses: $1+0.077\times1=1 + 0.077=1.077$. Then, multiply by the principal: $A=950\times1.077 = 1023.15$.

Answer:

$1023.15$