Question

Michael opened a savings acount with ​$500 hereceived for graduation. The account pays 8.5​% simple interest..

Answer 1

I assume it is interest per year so you need to divide the 24 by 12 to the amount of years:
24/12 = 2 years

Then you can divide 8.5 by 100 and add one to the result to make a multiplier:
8.5/100 = 0.085
0.085+1 = 1.085

Then you times the amount of money by the multiplier to the power of 2 (amount of years) to get the final answer:
500*1.085^2 = $588.61

Hope this helps! :) I had this question and I got it right when I typed this answer in so I really hopes this help you

Answer 2

I assume it is interest per year so you need to divide the 24 by 12 to the amount of years:
24/12 = 2 years

Then you can divide 8.5 by 100 and add one to the result to make a multiplier:
8.5/100 = 0.085
0.085+1 = 1.085

Then you times the amount of money by the multiplier to the power of 2 (amount of years) to get the final answer:
500*1.085^2 = $588.61

Hope this helps! :)