anonymous
  • anonymous
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?
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
schrodinger
  • schrodinger
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
Interest =n P r
anonymous
  • anonymous
n= number of period s, r= rate per period ( as a decimal ) , P is the amount invested
anonymous
  • anonymous
n=8 , r=6% = 0.06 , P=1300 therefore interest earned = (8 x 0.06 x 1300) = $624

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

anonymous
  • anonymous
therefore the total amount at the end = 1300 + 624 = $1924
anonymous
  • anonymous
I don't know this I=nPr, we have been using I=Prt for simple interest
anonymous
  • anonymous
oic
anonymous
  • anonymous
t= number of times periods, so does n , its the same thing

Looking for something else?

Not the answer you are looking for? Search for more explanations.