When Melissa was born,
her parents put $8,000 into a college fund
account that earned 9% simple interest.
Find the total amount in the account after
18 years.

$20,960

Step-by-step explanation:

Use the formula for amount after simple interest  A = P(1 + rt)

"A" is the final amount

"P" is principal, or starting amount

"r" is the interest rate as a decimal

"t" is the time in years

We finding "A".

P = 8000

r = 9%/100 = 0.09

t = 18

Substitute the values into the formula, then solve to get the final answer.

A = P(1 + rt)                  

A = 8,000(1 + (0.09)(18))

Remember to follow BEDMAS order when solving. Solve brackets first.

A = 8,000(1 + (0.09)(18))          Multiply in brackets.

A = 8,000(1 + 1.62)             Add in brackets.

A = 8,000(2.62)                Multiply

A = 20,960                 Answer

Therefore Melissa's college fund account will have a total amount of $20,960.

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