The principal is $6000 and the rate of interest is 8% and the time is 3 years. What is the final amount in the account?

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