Question

Mrs. Brown deposits $22,150 into a savings account that will earn 3% simple interest per year.

Determine the total amount of money in the account after two years, including interest.

Answer 1

Answer: 23498.935

Explanation:

this helped me in middle school so please remember this equation

A=P(1+R/N)NT

A=AMOUNT

P=PRINCIPAL

R=INTEREST RATE

N=NUMBERS OF TIMES THE INTEREST IS COMPOUNDED

NT=TIME(YEARS

So now we have this... right...

A=P(1+R/N)NT

you have to fill it in and you will get

a=22,150(1+3/1)^2

put that in your handy dandy calculator and you will get your answer