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 If no money was deposited into or withdrawn from the account, how much money was in the account after ​ 1.5 ​ years? Round your answer to the nearest cent. Enter your answer in the box.

Answer 1

The answer would be $62.10 because the formula for simple interest is I = P*r*t, so it's 59 * 0.035 * 1.5 = 62.10

Hope this helped.