Question

Mac deposits $800 in an account that earns 6% simle annual interest. How much money will he have after 3 years?

Guys I need help​

Answer 1

After 3 years Mac will have $992 in his account.

Explanation:

Principal amount deposited = $800

Time = 3 years

Rate of Interest = 6%

Now, SIMPLE INTEREST =
`(P * R * T)/(100)`

So, here S I =
`(800 * 6 * 3)/(100)  = 192`

or, Simple Interest on the principal amount = $192

Now, AMOUNT = PRINCIPAL + SIMPLE INTEREST

= $800 + $192

= $992

or, the Amount = $992

Hence, after 3 years Mac will have $992 in his account.