9514 1404 393
Answer:
a) $336
b) $1036
Step-by-step explanation:
a) The interest is computed using the formula ...
I = Prt
where P is the amount invested at rate r for t years.
I = $700·0.08·6 = $336
The interest earned is $336.
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b) The balance of the account is the sum of the original amount and the interest earned:
balance = $700 +336 = $1036
The balance of the account is $1036.
