Question

Bo invests money in an account paying a simple interest of 8% per year. If no money will be added or removed from the investment, what should he multiply his current balance by to find his total balance in a year in one step?

Answer 1

Answer:

Calculation:

First, converting R percent to r a decimal

r = R/100 = 8%/100 = 0.08 per year,

then, solving our equation

I = Prt (Where p=principle,r=rate,t=time)

I = p*0.08*1=0.08p

Step-by-step explanation: