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3 years ago

The principal is $6000 and the rate of interest is 8% and the time is 3 years. What is the final amount in the account?

Mathematics

1 answer:

amm18123 years ago

6 0

Answer: the final amount in the account is $7440

Step-by-step explanation:

We would apply the formula for determining simple interest which is expressed as

I = PRT/100

Where

I represents interest paid on the amount of money deposited.

P represents the principal or amount of money deposited.

R represents interest rate on the deposit.

T represents the duration of the deposit in years.

From the information given,

P = $6000

R = 8%

T = 3 years

Therefore,

I = (6000 × 8 × 3)/100

I = $1440

the final amount in the account is

6000 + 1440 = $7440

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Step-by-step explanation:

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