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

bearing in mind that, "t" is in years, thus, since there are 12 months in a year, then 9 months is 9/12 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)`