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Dima020 [189]
2 years ago
13

Mr. Palmer deposited $850 into a simple interest account for 8 years, earning at an 8% interest rate. What will his total balanc

e be when he checks it? I do not want a link. I do not want a link. I do not want a link. I do not want a link. I do not want a link. I do not want a link. I do not want a link.
a.723.29
b. 1,394.00
c. $1,573.29
d. $68.00
Mathematics
1 answer:
Andrei [34K]2 years ago
6 0

Answer:

solution given:

principal [P]=$850

time[T]=8years

rate[R]=8%

now

simple interest [S.I.]=\frac{P×T×R}{100} =$ \frac{850×8×8}{100} =$544

so

Total balance=S.I.+P=$544+$850=$1394.

<u>option b.$1,394.00 is your answer</u>

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