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A principal of $900 is invested in an account at 8% per year simple interest. What is the total amount of money in the account after 5 years?
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A principal of $900 is invested in an account at 8% per year simple interest. What is the total amount of money in the account after 5 years?

A principal of $900 is invested in an account at 8% per year simple interest. What-example-1
User Yuriy Nakonechnyy
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7.8k points

1 Answer

3 votes
Hi there
The formula is
A=p (1+rt)
A future value?
P present value 900
R interest rate 0.08
T time 5 years

A=900×(1+0.08×5)
A=1,260

Hope it helps
User Nick Farina
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8.4k points
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