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 If no money was deposited into or withdrawn from the account, how much money was in the account after ​ 1 1/2 ​ years? Round your answer to the nearest cent.

Answer 1

Hi there!

The answer would be $62.10 because the formula for simple interest is I = P*r*t, so it's 59 * 0.035 * 1.5 = 62.10

Your friend, ASIAX

Answer 2

Find out the how much money was in the account .

To prove

Formula

`Simple\ interest = (Principle* Rate* Time)/(100)`

As given

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If no money was deposited into or withdrawn from the account .

Here

Principle = $59

Rate = 3.5%

`Time = 1 (1)/(2)\ years`

`Time = (3)/(2)\ years`

`Time = 1.5\ years`

Put in the formula

`Simple\ interest = (59* 3.5* 1.5)/(100)`

`Simple\ interest = (309.75)/(100)`

Simple interest = $3.0975

Amount = Principle + Simple interest

= $59 + $ 3.0975

= $ 62.0975

As 1 dollar = 100 cent

Now convert $ 62.0975 in cent .

$ 62.0975 = 62.0975 × 100

= 6209.75 Cent

Therefore money was in the account is 6209.75 Cent .