Question

Andy deposited 1567.12 in a savings account that earns 1.9% simple interest. What will Andy's account balance be in nine months

Answer 1

bear in mind that, 9 months is not even a year, is just a fraction of a year, there are 12 months in a year, thus 9 months is just 9/12 or 3/4 of a year.


`\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$1567.12\\ r=rate\to 1.9\%\to (1.9)/(100)\to &0.019\\ t=years\to (9)/(12)\to &(3)/(4) \end{cases} \\\\\\ A=1567.12\left( 1+0.019\cdot (3)/(4) \right)`