Question

a man deposited$800 in his account at a bank which offers 6% simple interest per annum. how much interest would he receive on the $800 after 9 months?? how long would it take for the $800 to increase to $992

Answer 1

after 9 months, the man will have received $836. It would take 4 years to to get $992 with a 6% simple interest annually