Question

Russell deposited in a savings account that earns simple annual interest. If he makes no other deposits or withdraws, what will the balance of Russell's account be after 6 years?

Answer 1

The Simple Interest Formula is I=PRT. This stands for Interest=Principal times Rate times Time.

The only variable you gave is Time, which would be 6.

You have to substitute the amount of money he put in the account for P and the interest rate for R (the interest rate needs to be in decimal form).This will give you the interest his account earns.

To get your final answer, you need to add together the interest and the original deposit. This will be his total account balance after six years.