Asked by maggie

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
Answered by Steve
500(1.056)(8.5)
assuming monthly posting of interest.
Answered by joe mama
$738
Answered by Cremation of Sam Mcgee
$238
Answered by Elektra
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 :)
Answered by LEAH
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
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