SOLUTION: John opened a bank account. He deposited $800 in his account. The account pays simple interest at the rate of 5% per year. Calculate the total amount in his account after 3 ye

Question 872682: John opened a bank account.
He deposited $800 in his account.
The account pays simple interest at the rate of 5% per year.
Calculate the total amount in his account after 3 years.
Answer by indra89811(24) (Show Source): You can put this solution on YOUR website!
Simple interest = Principal*Rate*Time
Principal=$800
Rate = 5%=0.05
Time = 3 years
Simple interest earned = 800*0.05*3 = $ 120
Total amount = Principal + Simple interest = 800+120=$920
Ans: $920
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