you deposit $300 in an account that earns simple interest at an annual rate of 6.5%. if no other deposits or…

you deposit $300 in an account that earns simple interest at an annual rate of 6.5%. if no other deposits or withdrawals were made, what is the total amount of money in the account at the end of 8 years? the total amount in the account is $□.

you deposit $300 in an account that earns simple interest at an annual rate of 6.5%. if no other deposits or withdrawals were made, what is the total amount of money in the account at the end of 8 years? the total amount in the account is $□.

Answer

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. Here, $P=$300$, $r = 6.5%=0.065$, and $t = 8$ years.

Step2: Calculate the simple interest

$I=Prt=300\times0.065\times8$ $I = 300\times0.52$ $I = 156$

Step3: Calculate the total amount

The total amount $A$ in the account is the sum of the principal $P$ and the interest $I$. So, $A=P + I$. $A=300 + 156$ $A = 456$

Answer:

456