Question

Elijah puts $550 in an account earning 8% simple interest annually. What is the total amount of money he will have in his account after 6 years, if no withdrawals or deposits are made?​

Answer 1

814?

Explanation:

Simple interest is I = PRT, so you can multiply the 550, by 1.08 by 6 to get the total.

The principal is 550, the rate is 0.08 (using 1.08 because the prior gives interest, and using a whole 1 with it will be the total), and the time is 6 years because the interest is simple annual.

use 0.08 instead of 1.08 when solving for interest.