Final answer:
To determine the interest and total amount for a simple interest account, multiply the principal by the rate and the time. In this case, the interest is $123.50 and the total amount is $1073.50.
Step-by-step explanation:
To determine the interest and total amount for a simple interest account, we can use the formula: Interest = Principal × Rate × Time. In this case, the principal is $950, the rate is 13%, and the time is 1 year.
Interest = $950 × 0.13 × 1 = $123.50
The interest for this simple interest account is $123.50. To calculate the total amount, we add the interest to the principal:
Total Amount = Principal + Interest = $950 + $123.50 = $1073.50