Question

Rashawn puts $550 in an account earning 8% simple interest annually. How many dollars will he have in his account after 6 years? HELP ASAP

Answer 1

$~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \ 550\\ r=rate\to 8\%\to \frac{8}{100}\dotfill &0.08\\ t=years\dotfill &6 \end{cases} \\\\\\ A=550[1+(0.08)(6)]\implies A=550(1.48)\implies A=814$