Problema Solution
Find the future value of the deposit if the account pays simple interest.
$900 at 8% for 9 months
Answer provided by our tutors
P=$900
R=8%
T=9 months = 9/12 year
S.I = P*R*T/100 = 900*8*9/1200 = $54
Future value = 900+54 = $954 [Ans.]