Ms. Montgomery invested $800 at 8% simple interest at the beginning of each year for a period of ten years. Find the total accumulated value of all the investments at the end of the 10-year period.
End of year:
Principal Interest Rate Interest earned
1 - $800 8% $64
2 - $1,600 8% $128
3 - $2,400 8% $192
4 - $3,200 8% $256
5 - $4,000 8% $320
6 - $4,800 8% $384
7 - $5,600 8% $448
8 - $6,400 8% $512
9 - $7,200 8% $576
10-$8,000 8% $640
Principal + Interest earned over a period of yeas at 8% simple interest=$8,000 + $640==$8,640
P.S. This is exactly the same as investing $8,000 at 8% simple interest for 1 full year.
