SOLUTION: You deposit $790 into an account paying 4.1% simple interest. (a) How much interest will you earn in 6 years? (b) How much is in the account at the end of 6 years?

Question 1176028: You deposit $790 into an account paying 4.1% simple interest.
(a) How much interest will you earn in 6 years?
(b) How much is in the account at the end of 6 years?
Found 2 solutions by ewatrrr, ikleyn:
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!

Hi In General A = Accumulated Amount P= principal = $790 r= annual rate = ..041 n= periods per year = 1 t= years = 6 = $1005.38 is in the account ($215.38 Interest) Wish You the Best in your Studies.

Answer by ikleyn(52781)   (Show Source): You can put this solution on YOUR website!
.
You deposit $790 into an account paying 4.1% simple interest.
(a) How much interest will you earn in 6 years?
(b) How much is in the account at the end of 6 years?
~~~~~~~~~~~~~~

            This problem asks about the simple interest,
            but for unknown reason, @ewatrrr produces the solution for the compounded interest.

            Surely, and it is clear to you even without my explanations, her solution is IRRELEVANT.

                    I came to bring a correct solution.

(a) Simple interest in 6 years is I = Prt = 790*0.041*6 = 194.34 dollars. (b) In 6 years, the amount at the account will be 790.00 + 194.34 = 984.34 dollars.

Solved, answered and explained.   And completed.

-------------

For your safety, ignore the post by @ewatrrr.

RELATED QUESTIONS
You deposit $1640 in a savings account paying 3% simple interest. How much interest... (answered by Boreal)
You deposit $2100 in a savings account paying 5.5% simple interest. How much interest... (answered by ewatrrr)
You deposit $500 into an account earning 3% interest compounded monthly. a) How much... (answered by ewatrrr)
You deposit $500 each month into an account earning 2% interest compounded monthly. How... (answered by Boreal)
if you deposit $150 in an account that earns simple interest.The annual interest rate is... (answered by josmiceli)
how much money will you have in 2 1/2 years if you deposit $2,000 into a savings account... (answered by ewatrrr)
You deposit $10,000 in an account earning 4% interest compounded monthly. a. How much... (answered by Alan3354)
Rhonda Sanchez put $350 into a savings account paying 3 3/4% simple interest per year.... (answered by ewatrrr)
Rhonda sanchez put $350 into a savings account paying 3.75% simple interest per year. How (answered by lynnlo)