A = $992.00
(I = A - P = $192.00)
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 4%/100 = 0.04 per year.
Solving our equation:
A = 800(1 + (0.04 × 6)) = 992
A = $992.00
The total amount accrued, principal plus interest, from simple interest on a principal of $800.00 at a rate of 4% per year for 6 years is $992.00.
