Question

Find the Accumulated amount at the end of 8 years for a $1300 bank deposit paying simple interest at a rate of 6% per year. Could someone please show me the steps to take to do this problem?

Answer 1

Interest =n P r

Answer 2

n= number of period s, r= rate per period ( as a decimal ) , P is the amount invested

Answer 3

n=8 , r=6% = 0.06 , P=1300

therefore interest earned = (8 x 0.06 x 1300) = $624

Answer 4

therefore the total amount at the end = 1300 + 624 = $1924

Answer 5

I don't know this I=nPr, we have been using I=Prt for simple interest

Answer 6

oic

Answer 7

t= number of times periods, so does n , its the same thing