rashawn puts $550 in an account earning 8% simple interest annually.How much will he have in his account after 6 years
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
Note: If the interest is compounded yearly, then he will have P*(1+r)^6 = 550 * 1.08^6 = $872.78 in his account.
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