Answer:
A= P(1+rt)
Principal (P) = 800
Rate (R) = 2%
Time (T) = 8 years
First, converting R percent to r a decimal
r = R/100 = 2%/100 = 0.02 per year.
Solving your equation:
A = 800(1 + (0.02 × 8)) = 928
A = $928.00
The total amount accrued, principal plus interest, from simple interest on a principal of $800.00 at a rate of 2% per year for 8 years is $928.00.
