Question

Tracy deposited $59 into a bank account that earned 3.5% simple interest each year. If no money was deposited into or withdrawn from the account, how much money was in the account after ​ 112 ​ years? Round your answer to the nearest cent. Enter your answer in the box.

Answer 1

112 years? I think you meant 1 1/2 years.

ANYWAYS, the answer is $62.10

Answer 2

$290.28

Explanation:

We have been given that Tracy deposited $59 into a bank account that earned 3.5% simple interest each year.

To find money is account after 112 years we will use simple interest formula.

`A=P(1+rt)`, where P is principle amount, r is interest rate in decimal form, t is number of years and A is amount after t years.

Let us substitute our given information in simple interest formula.

`A=59(1+0.035* 112)`

`A=59(1+3.92)`

`A=59(4.92)`

`A=290.28`

Therefore, amount in account after 112 years will be $290.28.