Question

If $600 was placed in a savings account with an interest rate of 0.5%, find the total amount in the account after 8 years and 3 months.​

Answer 1

$888

Explanation:

I=P×T×R/100

=600×8.25×0.5/100 [8 year 3 months=99 months = 8.25 year ]

=1237.5/100

I =12.375

A= I +P

=600+12.375

A =612.375

hence the total amount will be $ 612.375