Question

Mac deposits $800 in an account that earns 6% simle annual interest. How much money will he have after 3 years?

Answer 1

Answer:

After 3 years Mac will have $992 in his account.

Step-by-step explanation:

Principal amount deposited  = $800

Time  = 3 years

Rate of Interest  =  6%

Now, SIMPLE INTEREST = $\frac{P \times R \times T}{100}$

So, here S I  = $\frac{800 \times 6 \times 3}{100} = 192$

or, Simple Interest on the principal amount = $192

Now, AMOUNT = PRINCIPAL +  SIMPLE INTEREST

                          = $800 + $192

                           = $992

or, the Amount  = $992

Hence, after 3 years Mac will have $992 in his account.