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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Thu Nguyệt 3 years 2021-09-04T14:49:11+00:00 1 Answers 5 views 0

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  1. thnahdat
    0
    2021-09-04T14:50:29+00:00
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    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.

    option b.$1,394.00 is your answer

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