Question

Haydee was given $300 for her birthday from her uncle. She decided to put the money in a savings account that gives her 6% interest every year. If Haydee left the same amount in her account for 30 years, how much would she have? Use the formula I = Prt to help you. a) $540 b) $660 c) $900 d) $1,800

Answer 1

Haydee would have $540 after 30 years.

Option (a) is true.

Explanation:

To calculate the amount Haydee would have after 30 years with a 6% interest rate, we can use the formula for simple interest:

I = Prt.

Where:

I = Interest

P = Principal (initial amount)

r = Interest rate (in decimal form)

t = Time (in years)

In this case, Haydee's principal amount is $300, the interest rate is 6% (or 0.06 as a decimal), and the time is 30 years.

Using the formula, we can calculate the interest:

I = Prt

I = $300 * 0.06 * 30

I = $540

Therefore,

Option (a) is true.