Question

PLEASEE HELPPP!!!

Answer 1

Answer:

The amount is $649.46 and the interest is $49.46.

Step-by-step explanation:

STEP 1: To find amount we use formula:

A=P(1+rn)n⋅t

A = total amount  

P = principal or amount of money deposited,

r = annual interest rate  

n = number of times compounded per year

t = time in years

In this example we have

P=$600 , r=8% , n=4 and t=1 years

After plugging the given information we have

AAAA=600(1+0.084)4⋅1=600⋅1.024=600⋅1.082432=649.46

STEP 2: To find interest we use formula A=P+I, since A=649.46 and P = 600 we have:

A649.46II=P+I=600+I=649.46−600=49.46