SOLUTION: Find the future value of the deposit if the account pays simple interest. $1000 at 2% for 8 years

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Question 1114860: Find the future value of the deposit if the account pays simple interest.
$1000 at 2% for 8 years
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Find the future value of the deposit if the account pays simple interest.
$1000 at 2% for 8 years
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A(t) = P(1+rt)
1000(1+0.02*8) = 1000(1.16) = $1160
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Cheers,
Stan H.
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