Question

Jack invested $5,280 in a regular savings account that paid

simple interest at a rate of 1.15% per year. How much was
his investment worth in one year?

$6,072
$60.72
$5,340.72
$5,281.15
$5887.20​

Answer 1

To calculate the value of Jack's investment after one year, we can use the formula for simple interest: Simple Interest = Principal x Rate x Time. Plugging in the values, we find that Jack's investment will be worth $5,340.72 after one year.

Step-by-step explanation:

To calculate the value of Jack's investment after one year, we can use the formula for simple interest:

Simple Interest = Principal x Rate x Time

In this case, the principal is $5,280, the rate is 1.15% (which can be written as 0.0115), and the time is one year. Plugging in these values, we get:

Simple Interest = $5,280 x 0.0115 x 1 = $60.72

To find out the total value of the investment after one year, we need to add the simple interest to the principal amount:

Total Value = Principal + Simple Interest = $5,280 + $60.72 = $5,340.72

Therefore, Jack's investment will be worth $5,340.72 after one year.

Answer 2

$60.72

Step-by-step explanation:

Just take $5280 (principal money) x 1.15% = $60.72 (Investment in 1 year)