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

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

To calculate the amount Rashawn will have in his account after 6 years with simple interest, we 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), which is \$550.
- $r$ is the annual interest rate in decimal form (8% = 0.08).
- $t$ is the time the money is invested (6 years).

Now, let's plug in the values:

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

\[
A = 550(1 + 0.48) 
\]

\[
A = 550 \times 1.48 
\]

\[
A = 814
\]

So, Rashawn will have \$814 in his account after 6 years.

Would you like more details or have any other questions?

Here are 5 follow-up questions you might explore:
1. How much interest did Rashawn earn after 6 years?
2. What would happen if the interest rate was 10% instead of 8%?
3. How much would Rashawn have after 10 years at the same interest rate?
4. What is the formula for compound interest, and how does it differ from simple interest?
5. How long will it take for Rashawn's money to double at 8% simple interest?

**Tip:** Simple interest grows at a constant rate, while compound interest grows at an increasing rate due to interest on interest.

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 simple interest on Rashawn's $550 investment at 8% interest annually for 6 years. This example uses the simple interest formula A = P(1 + rt) and is ideal for students in Grades 6-8.

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