Question

6. Jose deposited $950.00 into his bank account. After two months, if he dosen't deposit

or withdraw any money, how much simple intrest will he earn if his bank pays at a rate
of 4.75% annually?

Answer 1

Explanation:

We just have to multiply the total amount of money he put into the bank (950$) by 104.75%, or 1.0475.

Going once...

995.125

Going twice...

1042.3934375

Going three ti- wait, we're done, aren't we?

Subtract decimal places, because you can't have half a penny, can you?

1042.39

Well, there's your answer. Jose will have $1042.39 in 2 years.