Question

You have $500 in a savings the account account earns 3% simple interest per year what is the balance of the account after 9 months

Answer 1

Answer: $511.25

Explanation:

Principal(P) = $ 500

rate(r) = 3%

Time(t) = 9months = 9/12 years

Time = 0.75 years

Interest = PTR/100

I = 500 X 0.75 X 3 / 100

I = 1125/100

I = 11.25

Interest = $ 11.25

Therefore the balance of the account after 9 months = P + 1

= $500 + $11.25

A = $511.25