Question

Jamila deposits $800 in an account that earns yearly simple interest at a rate of 2.65%. How much is in the account after 3 years and 9 months?

Answer 1

Answer:First, we need to calculate the total number of years Jamila's money will be in the account.

3 years and 9 months is equivalent to 3 + 9/12 = 3.75 years.

Next, we can use the simple interest formula:

I = Prt

where:

I is the interest earned

P is the principal amount (initial deposit)

r is the interest rate (as a decimal)

t is the time (in years)

In this case, we have:

P = $800

r = 0.0265 (2.65% expressed as a decimal)

t = 3.75 years

So the interest earned is:

I = 8000.02653.75 = $79.50

Finally, we can add the interest earned to the initial deposit to get the final amount:

800 + 79.50 = $879.50

Therefore, after 3 years and 9 months, Jamila will have $879.50 in the accoun

Explanation: