Question

Mikey deposited $782.11 in a savings account that earns 4.3% simple intrest. What is mickeys account balance after 16 years

Answer 1

formula: P(1+r)^t

782.11 x (1+0.043)^16

782.11 x (1.043)^16 = $1533.97 after 16 years

Answer 2

Mickeys account balance after 16 years is:

$ 1320.20

Explanation:

Mikey deposited $782.11 in a savings account that earns 4.3% simple interest for 16 years.

Interest=
`(P* r* t)/(100)`

where P is principal amount

r is interest rate and t is time

Interest=
`(782.11* 4.3* 16)/(100)`

= $ 538.09

Amount in account after 16 years= $(782.11+ 538.09)

= $ 1320.20