Final answer:
After 3 years, Bonnie's $70 deposit in a savings account at a 4.5% simple interest rate would earn $9.45 in interest, resulting in a total amount of $79.45 in the account.
Step-by-step explanation:
Calculating Simple Interest
Bonnie deposits $70.00 into a new savings account, which earns a 4.5% simple interest rate every year. After 3 years, without any additional deposits or withdrawals, we can calculate the simple interest earned using the formula Interest = Principal × Rate × Time.
In Bonnie's case, the principal amount is $70.00, the rate is 4.5% (or 0.045 when converted to a decimal), and the time is 3 years. Plugging these values into the formula:
Interest = $70.00 × 0.045 × 3 = $9.45
This means that the total simple interest earned over 3 years is $9.45. To find the total amount in the savings account after 3 years, we simply add the interest to the initial deposit:
Total Amount = Principal + Interest
Total Amount = $70.00 + $9.45 = $79.45
Therefore, the total amount of money in Bonnie's savings account at the end of 3 years will be $79.45.