SOLUTION: Find the simple interest on a $200 investment made for 5 years at an interest rate of 8% year. What is the accumulated amount?

SOLUTION: Find the simple interest on a $200 investment made for 5 years at an interest rate of 8% year. What is the accumulated amount?

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Question 997799: Find the simple interest on a $200 investment made for 5 years at an interest rate of 8% year. What is the accumulated amount?
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Well if it is not compounded each year, then
I = prt = (200)(.08)(5) = $80
The total would be $1080.
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