Question

Gloria makes an investment of $7,850 into an account that earns 4.2% simple interest

per year.
Determine the total amount that Shanice will have in the account after 8 years.

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$7850\\ r=rate\to 4.2\%\to (4.2)/(100)\dotfill &0.042\\ t=years\dotfill &8 \end{cases} \\\\\\ A=7850[1+(0.042)(8)] \implies A=7850(1.336)\implies A = 10487.6`