Margarito opens a savings account with a deposit of 500 deposit and a simple interest rate of 5.6%if there are no deposits or withdrawals, how. much money is in the account after 8 1/2?

To find out how much Margarito will have in her savings accounts after 8.5 years we will multiply our factors. However, first we need to change our percentage into a decimal. To change it, you have to move your decimal two places to the left which will give us 0.056.

Now, let's multiply!

500 x 0.056 x 8.5 = 238

$238 is the amount of interest that she has earned in 8.5 years. Therefore, we'll add that amount to the original deposited amount.

500 + 238 = 738

Therefore, she'll have $738 after 8.5 years.

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