Question

Jackie deposited $315 into a bank account that earned 1.5% simple interest each year.

If no money was deposited into or withdrawn from the account, how much money was in the account after ​3​ years?

Round your answer to the nearest cent.

Answer 1

Answer: 329.18

Explanation:

Answer 2

$329.18

Explanation:

we know i = p × r × t ÷ 100

i = interest

P = Principal = $315

r = Rate of interest = 1.5% annual

t = time period = 3 years

so the equation here is,

i = 315 × 1.5 × 3 ÷ 100 = $14.17500, but you round it to the nearest cent so it's $14.18