Question

Casey has $120 in a saving account that earns 10% simple interest per year. The interest is not compounded. How much money will she have in 1 year? plz show work and explain.

A.$ 100
B. $122
C. $ 132
D. $144

Answer 1

The answer is C bro i just did the mayb

Answer 2

The correct answer is C. $132

Explanation:

Principal = $120

Simple Interest Rate = 10%

= 0.1

Time = 1 year

We need to find the amount of money she will have in 1 year

⇒ Simple Interest = Principal × Rate × Time

⇒ Simple Interest = 120 × 0.1 × 1

⇒ Simple Interest = $12

So, Amount after 1 year = Principal + Simple Interest

⇒ Amount after 1 year = 120 + 12

⇒ Amount after 1 year = $132

Therefore, The correct answer is C. $132