Register
James deposited $575 into a bank account that earned 5.5% simple interest each year. If no money was deposited into or withdrawn from the account, how much money was in the account after 2 1/2 years? Round
18.2k views
4 votes
James deposited $575 into a bank account that earned 5.5% simple interest each year.

If no money was deposited into or withdrawn from the account, how much money was in the account after 2 1/2 years?

Round your answer to the nearest cent.

User Fnguyen
by
7.8k points

1 Answer

3 votes
575* 0.05 = 28.75
28.75* 2.5(yrs) = 71.875
575+ 71.875 = 646.875
therefore, $646.87
User Simon Warta
by
8.6k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!