Question

Timothy deposited $2,780.20 in a savings account that earns 4.3% simple interest. What will Timothy’s account balance be in 7 months?

Answer 1

its in google i had the same question as u once

Answer 2

keeping in mind that, there are 12 months in a year, therefore, 7 months is really just 7/12 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& \$2780.20\\ r=rate\to 4.3\%\to (4.3)/(100)\to &0.043\\ t=years\to &(7)/(12) \end{cases} \\\\\\ A=2780.20\left(1+0.043\cdot (7)/(12) \right)`