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Nicole deposits $2,136 in a savings account paying 5.36% interest. To the nearest dollar, how much money does Nicole have in total after nine years?
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4 votes
Nicole deposits $2,136 in a savings account paying 5.36% interest. To the nearest dollar, how much money does Nicole have in total after nine years?

User Adam Vandenberg
by
5.0k points

2 Answers

4 votes
we know that

The simple interest formula is equal to



where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest
t is Number of Time Periods

in this problem we have



substitute in the formula above





Round to the nearest dollar

therefore
the answer is the option D
User AvisSiva
by
4.2k points
3 votes
The answer is $3,166 hope you pass
User Barmaley
by
4.6k points
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