Question

You deposit $735 in an account that earns simple interest at an annual rate of 6.4%. how much money in tora total is irin in the the account accountafter8 after 8 years?

Answer 1

To find the total amount of money in the account after 8 years, use the formula: Amount = Principal + (Principal * Rate * Time). Substituting the values, we find that the total amount is $1205.40.

Step-by-step explanation:

To calculate the total amount of money in the account after 8 years, you can use the formula:

Amount = Principal + (Principal * Rate * Time)

Where Principal is the initial deposit, Rate is the annual interest rate, and Time is the number of years.

Using the given information: Principal = $735, Rate = 6.4%, and Time = 8 years. Substituting these values into the formula:

Amount = $735 + ($735 * 0.064 * 8)

Simplifying the equation:

Amount = $735 + ($470.40) = $1205.40

Therefore, the total amount of money in the account after 8 years is $1205.40.