Question

When Melissa was born, her parents put $8,000 into a college fund account that earned 9% simple interest. Find the total amount in the account after 18 years. *

Answer 1

$12960

Explanation:

A=P(1+rt)

8000(1 + (0.09 × 18)) = 20960

A = $20,960.

I = A - P

I=20960-8000

ANS=$12960

Answer 2

$20,960

Explanation:

Melissa's parent saved 8 000 dollars in the bank for her college fund account. It earns 9% annual interest. After 18 years, how much interest will it accumulate and how much is the total amount that Melissa will have fore her college fund.=> 9% = 9% / 100% = 0.09Let's find the annuak interest first => 8 000 dollars * .09 = 720 dollars The, let's find the after 18 years interest=> 720 dollars * 18 = 12 960 dollarsTotal of the amount: => 8 000 + 12 960 = 20 960 dollars

This is the same as the one above me but in simpler terms

Step-by-step explanation:

I =8000 x 9 x 18 =12,960

Total amount = 12960 +8000= $20,960