Question

eight years ago, JD opened a savings account that earns 1.4% simple interest every year. he started the account with 500 and has not touched that amount since. how much money is in the account now?​

Answer 1

556

Explanation:

The simple interest is 1.4%, so first we need to work out what 1.4% of 500 is:

500 x 0.014 = 7

It has since been 8 years when he put the money into the account, so now we multiply this amount by 8:

7 x 8 = 56

So JD's total savings is 500 + 56 = 556 (and whatever currency you use)

Answer 2

556

Explanation:

Find out how much 1.4% is of 500 which is 7

so 7 x 8 = 56

now we add it 500 + 56 = 56