Question

Stephanie put $80 in her bank account when she was 5

years old. The bank gave her a simple interest rate of 2.1%.
Does she have enough money to buy a TV for $1,000 after
leaving her money in the bank for ten years?

Answer 1

Mynd44

Explanation:

Here, we want to check if the amount of money saved is enough to

by a tv

Mathematically, we have the simple interest formula as follows;

I = PRT/100

I = (80 * 2.1*10)/100

I = 1680/1000 = 1.68

Hence, she will not have enough