Question

Tracy deposited $59 into a bank account that earned 3.5% simple interest each year.

If no money was deposited into or withdrawn from the account, how much money was in the account after ​ 112 ​ years?

Round your answer to the nearest cent.

Enter your answer in the box.

$
/second questoin Vanessa deposited money into a bank account that earned 1.25% simple interest each year. After 12 year, she had earned $5.00 in interest on the account.

If no other money was deposited into or withdrawn from the account, how much was her initial deposit?

Enter your answer in the box.

$

Answer 1

Explanation:

1) Tracy:

P =$ 59 ; r =3.5% ; T = 12 years

SI = PrT/100

= 59 * 3.5 * 12 /100

= $24.78

Amount Tracy that will be after 12 years in her account = $ 59 +$24.78

= $83.78