Share
Jackie deposited $315 into a bank account that earned 1.5% simple interest each year. If no money was deposited into or withdrawn fro
Question
Jackie deposited $315 into a bank account that earned 1.5% simple interest each year.
If no money was deposited into or withdrawn from the account, how much money was in the account after 3 years?
Round your answer to the nearest cent.
in progress
0
Mathematics
3 years
2021-07-26T10:29:44+00:00
2021-07-26T10:29:44+00:00 1 Answers
96 views
0
Answers ( )
Answer:
copied from InesWalston expert
Money in the bank account after 3 years will be $329.18
Step-by-step explanation:
Jackie deposited $315 into a bank account that earned 1.5% simple interest each year for 3 year, while no money was deposited into or withdrawn from the account.
We know that,
i = p.r.t / 100
Where,
i = interest
P = Principal = $315
r = Rate of interest = 1.5% annual
t = time period = 3 years
Putting the values,
i = 315 × 1.5 × 3 / 100 = $14.18
Total money in bank account = Principal + interest = 315 + 14.18 = $329.18