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If no money was deposited into or withdrawn from the account, how much money was in the account after ​3​ years?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

I = PRT

I = (315)(0.015)(3)
I = 14.175 rounds to 14.18

after 3 yrs...
315 + 14.18 = 329.18 <===

Answer 2

Money in the bank account after 3 years will be $329.18

Solution-

Jackie deposited $315 into a bank account that earned 1.5% simple interest each year for 3 year, while no money was deposited into or withdrawn from the account.

We know that,

`i=(P\cdot r\cdot t)/(100)`

Where,

i = interest

P = Principal = $315

r = Rate of interest = 1.5% annual

t = time period = 3 years

Putting the values,

`i=(315* 1.5* 3)/(100)=\$14.18`

Total money in bank account = Principal + interest = 315 + 14.18 = $329.18