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?
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-> 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?
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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):
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.
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.
