Mona opened a savings account with a $500 deposit and a simple interest rate of 5.6%. If there were no deposits or withdrawals, how much money is in the account after 8�/1/2 � years

Answer 1

500(1.056)(8.5)
assuming monthly posting of interest.

Answer 2

$738

Answer 3

$238

Answer 4

Mona opened a savings account with a $500 deposit and a simple interest rate of 5.6% if there were no deposits or withdrawals how much money is in the account after 8 1/2 years
I= ( 500)(.056)(8.6)
500 x .056=28
28 x 8.6= $240.80
7th grader
Age 13 :)

Answer 5

The correct answer is 738
5.6% turns into 0.056
You multiply 0.056 x 500= 28
28 x 8.5= 238
Add the 500 +238=738