Question

Amos deposited $2,701.49 in a savings account that earns 4.9% simple interest. What will Andy's account balance be in nine months?

Answer 1

2701.49*4.9 divided by 9
=1470.8

Answer 2

2,800.77

Explanation

Interest will be $2701.49 *4.9 / 100 * 9/12

interest = capital multiplied by interest rate per year multiplied by the time (in years). 9 months = 9/12 of a year

Interest = $99.28 to the nearest cent

Therefore in 9 months the balance will be $2701.49 + $99.28 = $2800.77