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Thomas deposited $520.94 in a savings account that earns 3.3% simple interest. what will thomas's account balance be in 7 months

Thomas deposited $520.94 in a savings account that earns 3.3% simple interest. what will thomas's account balance be in 7 months
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thomas deposited $520.94 in a savings account that earns 3.3% simple interest. what will thomas's account balance be in 7 months

User Muhammad Alkarouri
by
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1 Answer

6 votes
The formula to find the balance is
A=p (1+rt)
A the account balance?
P amount deposited 520.94
R interest rate 0.033
T time 7/12
So
A=520.94×(1+0.033×(7÷12))
A=530.97

Hope it helps!
User Metro Smurf
by
8.3k points
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