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 shoul

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?

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Eirian 4 months 2021-09-04T19:34:16+00:00 1 Answers 2 views 0

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  1. Calantha
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    2021-09-04T19:35:55+00:00
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    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:

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