Rashawn puts $550 in an account earning 8% simple interest annually.

How much will he have in his account after 6 years?

To find out how much Rashawn will have in his account after 6 years, we can use the formula for simple interest:

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

Where:
- $ A $ is the total amount after interest,
- $ P $ is the principal amount (initial investment),
- $ r $ is the annual interest rate (expressed as a decimal),
- $ t $ is the time in years.

Given:
- $ P = 550 $ dollars,
- $ r = 8\% = 0.08 $,
- $ t = 6 $ years.

Now, substituting these values into the formula:

\[
A = 550 \times (1 + 0.08 \times 6)
\]
\[
A = 550 \times (1 + 0.48)
\]
\[
A = 550 \times 1.48
\]
\[
A = 814
\]

After 6 years, Rashawn will have **$814** in his account.

Would you like further details or have any questions?

Here are 5 related questions for practice:
1. How much interest did Rashawn earn over 6 years?
2. What would the total be if the interest rate were 10% instead?
3. How long would it take for Rashawn's investment to grow to $1000 at 8% simple interest?
4. What would happen if the interest were compounded annually instead of simple interest?
5. If Rashawn invested $550 at 8% simple interest for 10 years, how much would he have?

**Tip:** Simple interest grows linearly, meaning the interest added each year remains the same.

Rashawn puts $550 in an account earning 8% simple interest annually. How much will he have in his account after 6 years?

Learn how to calculate the total amount after 6 years for an investment of $550 at 8% simple interest annually. This problem covers basic simple interest concepts using the formula A = P(1 + rt), ideal for students in Grades 6-8.

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