Tracy deposited $59 into a bank account that earned 3.5% simple interest each year. No money was deposited into or withdrawn fro

Question

Tracy deposited $59 into a bank account that earned 3.5% simple interest each year.

No money was deposited into or withdrawn from the account.

How much money was in the account after ​ 112 ​ years?

Round your answer to the nearest cent.Which contributions

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Thành Công 4 years 2021-08-06T14:09:38+00:00 1 Answers 89 views 0

Answers ( )

  1. thienthanh
    0
    2021-08-06T14:11:03+00:00
    Reply

    Answer:

    Answer

    Find out the how much money was in the account after 1\frac{1}{2} years.

    To prove

    Formula

    Simple\ interest = \frac{Principle\times Rate\times time}{100}

    As given

    Tracy deposited $59 into a bank account that earned 3.5% simple interest each year.

    Principle = $59

    Rate = 3.5 %

    Time = 1\frac{1}{2}

    i.e

    Time = \frac{3}{2}

    Time = 1.5 years

    Put all the values in the equation

    Simple\ interest = \frac{59\times 3.5\times 1.5}{100}

                                    =  \frac{309.75}{100}[/tex]

                                   = $3.1(approx)

    Amount in the account = Principle + Simple interest

                                         = $59 + $ 3.1

                                         = $ 62.1

    1 Dollar = 100 cent

    Now convert $62.1 into cent.

    = 62.1 × 100

    = 6210 cent

    Therefore the money in the account is 6210 cent .

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