SOLUTION: find the accumulated amount at the end of eight months on a $2400 bank deposit paying simple interest at a rate of 8% a year

SOLUTION: find the accumulated amount at the end of eight months on a $2400 bank deposit paying simple interest at a rate of 8% a year

Algebra.Com

Question 404183: find the accumulated amount at the end of eight months on a $2400 bank deposit paying simple interest at a rate of 8% a year
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
Balance = B = P(1 + rt) = 2,400*(1 + 0.08*(2/3)) = 2400*(79/75) = $ 2528.
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