Question

Mrs. Martin deposit is $2350 in a money market account her account earns an interest rate of 18% if she does not deposit or withdraw any money from the account how much will Mrs mountain have in the account at the end of six months

Answer 1

$2561.50

Explanation:

If the account earns simple interest, then the balance at the end of 6 months will be ...

... A = P + Prt . . . . . for principal amount P, interest rate r, time period t

... A = $2350 +2350·0.18·6/12 = $2350 + 211.50

... A = $2561.50