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Simple Interest Accumulation

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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.

Apr 22, 2022

#1
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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.

Apr 22, 2022
#2
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That is wrong, sorry, I don't know how to start

Apr 22, 2022