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Mr. Palmer deposited $850 into a simple interest account for 8 years, earning at an 8% interest rate. What will his total balance be when he
Question
Mr. Palmer deposited $850 into a simple interest account for 8 years, earning at an 8% interest rate. What will his total balance be when he checks it?
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Mathematics
3 years
2021-09-04T14:49:11+00:00
2021-09-04T14:49:11+00:00 1 Answers
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Answer:
solution given:
principal [P]=$850
time[T]=8years
rate[R]=8%
now
simple interest [S.I.]= =$ =$544
so
Total balance=S.I.+P=$544+$850=$1394.
option b.$1,394.00 is your answer