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 If no money was deposited into or withdrawn fro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If no money was deposited into or withdrawn from the account, how much money was in the account after ​3​ years?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
Cherry 3 years 2021-07-26T10:29:44+00:00 1 Answers 96 views 0

Answers ( )

    0
    2021-07-26T10:31:27+00:00

    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$315 into a bank account that earned 1.5% simple interest each year for 3 year, while no money was deposited into or withdrawn from the account.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

Leave an answer

Browse

Giải phương trình 1 ẩn: x + 2 - 2(x + 1) = -x . Hỏi x = ? ( )