Question

Corinne made a deposit of $6,000 into an account with a simple interest rate of 5%. How much interest will be in the account after 8 years?

Answer 1

Answer:

$8,864.73

Step-by-step explanation:

Base amount: $6,000.00

Interest Rate: 5% (yearly)

Effective Annual Rate: 5%

Calculation period: 8 years