  You deposit $735 in an account that earns simple interest at an annual rate of 6.4%. How much money is in the account after 8 years?
Responses

$782.04
$782.04

$1111.32
$1111.32

$1205.40
$1205.40

$4498.20
$4498.20
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To calculate the amount of money in an account after a certain time with simple interest, we use the formula:

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

where:
- $ A $ is the final amount in the account,
- $ P $ is the principal (initial deposit),
- $ r $ is the annual interest rate (in decimal form),
- $ t $ is the time in years.

Given:
- $ P = 735 $,
- $ r = 6.4\% = 0.064 $,
- $ t = 8 $ years.

Substitute these values into the formula:

\[
A = 735(1 + (0.064 \times 8))
\]
\[
A = 735(1 + 0.512)
\]
\[
A = 735 \times 1.512
\]
\[
A = 1111.32
\]

The correct answer is:
\[
\boxed{1111.32}
\]

Would you like a further breakdown of the steps? 

Here are 5 related questions to explore further:
1. How would the calculation change if compound interest were used instead?
2. What would the final amount be if the interest rate were 8% instead of 6.4%?
3. How much interest is earned after 8 years in this scenario?
4. What if the deposit amount were doubled to $1470? How much would the total be after 8 years?
5. How many years would it take to reach $2000 in the account with a 6.4% simple interest rate?

**Tip:** When working with interest, carefully note whether it's simple or compound, as they lead to different outcomes.

You deposit $735 in an account that earns simple interest at an annual rate of 6.4%. How much money is in the account after 8 years?

Learn how to calculate the final amount in an account with a $735 deposit earning simple interest at 6.4% annually over 8 years. Follow step-by-step solutions using the simple interest formula A = P(1 + rt), ideal for Grades 9-10.

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