amber deposits $870 in an account that has a simple interest rate of 8% per year. After 5 years, how much interest will Amber ha
ve learned and what will the total balance be in the account
1 answer:
For simple interest, the formula is I = PRT, where I = interest, P = principal borrowed or deposited, R = rate as a decimal, and T = time in years.
Your information:
I = (870)(0.08)(5)
I = 348
Add the interest to the principal for your total balance
348 + 870 = $1218 will be the total balance in the account.
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