Answer: the final amount in the account is $7440
Step-by-step explanation:
We would apply the formula for determining simple interest which is expressed as
I = PRT/100
Where
I represents interest paid on the amount of money deposited.
P represents the principal or amount of money deposited.
R represents interest rate on the deposit.
T represents the duration of the deposit in years.
From the information given,
P = $6000
R = 8%
T = 3 years
Therefore,
I = (6000 × 8 × 3)/100
I = $1440
the final amount in the account is
6000 + 1440 = $7440
