Question

Help please!!!!!!!!!!!!!!!!!!!!!!!

Answer 1

9514 1404 393

Answer:

  a) $336

  b) $1036

Step-by-step explanation:

a) The interest is computed using the formula ...

  I = Prt

where P is the amount invested at rate r for t years.

  I = $700·0.08·6 = $336

The interest earned is $336.

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b) The balance of the account is the sum of the original amount and the interest earned:

  balance = $700 +336 = $1036

The balance of the account is $1036.