Find the accumulated amount at the end of 8 months on a $1800 bank deposit paying simple interest at a rate of 9%/year. (Round your answer to the nearest cent.)
$

To find the accumulated amount using simple interest, we use the formula:

\[
A = P(1 + rt)
\]

Where:
- $ A $ is the accumulated amount
- $ P $ is the principal amount ($1800)
- $ r $ is the annual interest rate (9% or 0.09)
- $ t $ is the time in years (8 months = $\frac{8}{12}$ years)

Now let's calculate it:

\[
A = 1800 \times \left(1 + 0.09 \times \frac{8}{12}\right)
\]

\[
A = 1800 \times \left(1 + 0.09 \times \frac{2}{3}\right)
\]

\[
A = 1800 \times \left(1 + 0.06\right)
\]

\[
A = 1800 \times 1.06 = 1908
\]

So, the accumulated amount at the end of 8 months is **$1,908.00**.

Would you like more details or have any questions?

Here are 5 related questions for further exploration:
1. How does the accumulated amount change if the interest rate increases to 10%?
2. What would the accumulated amount be after 12 months instead of 8 months?
3. How does compound interest differ from simple interest in calculating the accumulated amount?
4. What is the formula for calculating simple interest?
5. How would the interest change if the time period was expressed in days rather than months?

**Tip:** Always double-check the units of time in interest calculations to ensure consistency with the rate provided.

Learn how to calculate the accumulated amount at the end of 8 months on a $1800 bank deposit with simple interest at 9% per year. Follow a step-by-step solution using the simple interest formula. Suitable for Grades 7-9 students.

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