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

$738

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

Well, well, well, if Mona's savings account had a 5.6% simple interest rate, and no deposits or withdrawals were made, we can calculate the amount using this formula:

A = P(1 + rt)

Where A is the final amount, P is the principal amount, r is the interest rate, and t is the time in years. In this case, P is $500, r is 5.6% (which is 0.056 in decimal form), and t is 8.5 years (since 8 and 1/2 years is the same as 8.5 years).

So let's plug in the numbers and do some math:

A = $500(1 + 0.056 * 8.5)

A = $500(1 + 0.476)

A = $500(1.476)

Alrighty, now it's time for some multiplication:

A = $738

After 8 and half years, Mona's savings account would have approximately $738. Now remember, this calculation assumes no deposits or withdrawals were made during that time.

To calculate the amount of money in the account after a certain period of time with simple interest, you can use the formula:

A = P(1 + rt)

Where:
A = the final amount
P = the principal amount (initial deposit)
r = interest rate (in decimal form)
t = time in years

In this case, Mona opened a savings account with a $500 deposit and a simple interest rate of 5.6%. The time period is given as 8 and a half years.

First, let's convert the interest rate to decimal form by dividing it by 100:
r = 5.6% / 100 = 0.056

Now we can substitute the values into the formula:
A = 500(1 + 0.056 * 8.5)

Calculating the values inside the parentheses:
A = 500(1 + 0.476)

Adding 1 and 0.476:
A = 500(1.476)

Finally, multiplying:
A = $738

Therefore, after 8 and a half years, there will be $738 in the account if there were no deposits or withdrawals.

500(1.056)(8.5)

assuming monthly posting of interest.

$238

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 :)