Mr. Moore deposits $3,550 in a money market account with an interest rate of 22%. If he does not deposit or withdraw any money from the acco

Question

Mr. Moore deposits $3,550 in a money market account with an interest rate of 22%. If he does not deposit or withdraw any money from the account, how much will he have at the end of 9 months?

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Hải Đăng 4 years 2021-09-05T05:08:55+00:00 2 Answers 11 views 0

Answers ( )

  1. Giakhanh
    0
    2021-09-05T05:10:05+00:00
    Reply

    Answer:

    $10,579, assuming that 22% is the rate per month

    Step-by-step explanation:

    Here, I’ll assume that the interest rate is per month.

    The simple interest formula is I=Prt (Interest = principal * rate * time). The rate and time need to use the same units.

    The principal is $3550, the rate is 0.22, and the time is 9, so I=(3550)(0.22)(9). The product is 7029.

    This is added to how much money he already has: 7029+3550=10579

  2. RobertKer
    0
    2021-09-05T05:10:39+00:00
    Reply

    si = prt/100
    *CHANGE 9 MONTHS TO YEARS*
    9/12

    3,550 times 22 times 0.75 divided by 100

    The answer is 585.75

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