Question

Maria deposited $5,700 in an account that earns 8% simple interest. Maria made no withdrawals or deposits. What will be the total amount of money in her account after 6 years?

Answer 1

The total amount of money in Maria's account after 6 years is $8436

Explanation:

Given;

principal amount , P = $5,700

interest rate, r = 8 % = 0.08

time of investment, t = 6 years

The interest on the invested money after 6 years is given by;

I = Prt

I = $5,700 x 0.08 x 6

I = $2736

Total amount in Maria's account is given by;

A = P + I

A = $5,700 + $2736

A = $8436

Therefore, the total amount of money in Maria's account after 6 years is $8436