You deposit $60 in an account earning simple interest at an annual rate of 5% after 12 years what is your new balance

Question

You deposit $60 in an account earning simple interest at an annual rate of 5% after 12 years what is your new balance

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Minh Khuê 4 years 2021-08-25T09:53:51+00:00 1 Answers 2 views 0

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  1. ThanhThu
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    2021-08-25T09:55:35+00:00
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    Answer:

    The total amount accrued, principal plus interest, from simple interest on a principal of $60.00 at a rate of 5% per year for 12 years is $96.

    Step-by-step explanation:

    Given

    Principle P = $60

    Rate r = 5% = 5/100 = 0.05

    Time period t = 12 years

    To determine

    New Balance A = ?

    Using the formula

    A = P(1 + rt)

    A = 60(1+(0.05×12))

    A = $96.00

    Therefore, the total amount accrued, principal plus interest, from simple interest on a principal of $60.00 at a rate of 5% per year for 12 years is $96.

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