64,000 is invested in a college investment account for 8 years at a simple rate of 2.5%. How much does the investment earn? How much will be in the account at the end of 8 years?
64,000 is invested in a college investment account for 8 years at a simple rate of 2.5%. How much does the investment earn? How much will be in the account at the end of 8 years?
64,000 X .025 X 8=$12,800 simple interest for 8 years. If you don't compound the interest, then
$64,000 + $12,800=$76,800 the balance in the account after 8 years.
