Question

If Quinn put $450 in a savings account that earned 3.5% interest, how much money would Quinn have after 2 years? (Use the simple interest formula I = prt to solve this problem)

Answer 1

$481.50

Explanation:

So if you're using the simple interest formula, I=prt. You're "p" or principal will be 450, rate should be 3.5 or 0.035, and time is 2 years. {I don't quite remember if 3.5 will be your rate, sorry.} But $450*0.035 is 15.75. You need to put your decimal point two places to the left for correct answer. Then your time comes in and multiply 15.75 by 2, answer will $31.50. We're not done yet. Add the 450 and 31.50 to get $481.50.

I could be wrong but I think this is how you do it. Someone check me to make sure this person gets a good grade.