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anonymous
 5 years ago
Find the Accumulated amount at the end of 8 years for a $1300 bank deposit paying simple interest at a rate of 6% per year. Could someone please show me the steps to take to do this problem?
anonymous
 5 years ago
Find the Accumulated amount at the end of 8 years for a $1300 bank deposit paying simple interest at a rate of 6% per year. Could someone please show me the steps to take to do this problem?

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anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0n= number of period s, r= rate per period ( as a decimal ) , P is the amount invested

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0n=8 , r=6% = 0.06 , P=1300 therefore interest earned = (8 x 0.06 x 1300) = $624

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0therefore the total amount at the end = 1300 + 624 = $1924

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0I don't know this I=nPr, we have been using I=Prt for simple interest

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0t= number of times periods, so does n , its the same thing
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