As per the given figure, after calculating the accumulated amount, the figure that has been arrived is $1,232.
<h3>What is the accumulated amount?</h3>
Accumulated value or accumulated amount, both are synonyms. It is used to refer to the cash value. Basically, this means there is an easy way of calculating the accumulated value.
All one has to do is to find the total or the sum of the initial investment and, in that addition, the interest which has been earned till date will be added. Formula for calculating the simple interest is
Accumulated amount =Principal amount (1+rate * time)
Here Principal amount = $800, rate= 0.06, time=9 months
Accumulated amount = 800 (1+(0.06*9) = 800 (1+ 0.54 ) = $1,232.
Thus, the accumulated amount for the given data is $1,232.
Learn more about accumulated amount from here:
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