Question

$700 at 8% for 6 years

find the interest earned
find the balance of the account after interest is earned

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$700\\ r=rate\to 8\%\to (8)/(100)\dotfill &0.08\\ t=years\dotfill &6 \end{cases} \\\\\\ I=(700)(0.08)(6)\implies I=336~\hfill \stackrel{\stackrel{balance}{700+336}}{1036}`