Time remaining:
simple and compound interest

Mathematics
Tutor: None Selected Time limit: 1 Day

rashawn puts $550 in an account earning 8% simple interest annually.How much will he have in his account after 6 years

Mar 26th, 2015

If it is simple interest, in 6 years he will earn P*r*T = 550 * 0.08 * 6 = $264.

Add the the principal P = 550: 550 + 264 = 814

Answer: $814.

Note: If the interest is compounded yearly, then he will have P*(1+r)^6 = 550 * 1.08^6 = $872.78 in his account.

Mar 25th, 2015

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
Mar 26th, 2015
...
Mar 26th, 2015
May 24th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer