To calculate the balance in Larry's savings account at the end of 8 years with simple interest, we can use the simple interest formula:

$A = P(1 + rt)$

Where:

• $A$ is the total amount (the balance) after the interest is added.
• $P$ is the principal (the initial amount Larry deposited), which is $1,287.
• $r$ is the annual interest rate (4% or 0.04 as a decimal).
• $t$ is the time the money is invested, which is 8 years.

Step-by-Step Calculation:

1. Identify the values:

   • $P = 1287$
   • $r = 0.04$
   • $t = 8$

2. Substitute into the formula: $A = 1287(1 + (0.04 \times 8))$

3. Calculate the interest factor: $0.04 \times 8 = 0.32$

4. Add this to 1: $1 + 0.32 = 1.32$

5. Multiply by the principal: $A = 1287 \times 1.32 = 1,699.44$

Final Answer:

Larry's savings account balance at the end of 8 years will be $1,699.44.

Would you like more details or have any questions?

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Here are 5 related questions to expand this problem:

1. What would be the balance if the interest rate was 5% instead of 4%?
2. How much total interest did Larry earn over the 8 years?
3. What would be Larry's balance if the account used compound interest instead of simple interest?
4. How long would it take for Larry's money to double at 4% simple interest?
5. What if Larry deposited an additional $500 after 4 years? What would the final balance be?

Tip: Simple interest is calculated only on the principal, while compound interest is calculated on both the principal and the accumulated interest.