Question

Jackie deposited $315 into a bank account that earned 1.5% simple interest each year. If no money was deposited into or withdrawn from the account, how much money was in the account after ​3​ years?

Round your answer to the nearest cent.

Answer 1

The formula for simple interest is i = p*r*t, where p is the principal, r is the interest rate as a decimal fraction, and t is the time in years.

Here, i = ($315) (0.015) (3) = $14.18 (answer)

Answer 2

I think it's 329.18......