SOLUTION: For an account that earns simple annual interest,find the interest and the balance of the account.
P = $250, r = 8%,t = 6 years
Any help with this equation would <b>Greatly</
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Question 125226: For an account that earns simple annual interest,find the interest and the balance of the account.
P = $250, r = 8%,t = 6 years
Any help with this equation would Greatly appreciated.
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
I=P(1+R)^T-P
I=250(1+.08)^6-250
I=250(1.58687)-250
I=396.72-250
I=$146.72 IS THE INTEREST.
250+146.72=$396.72 IS THE ACCOUNT BALANCE.
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