Final answer:
To calculate the total amount in Jimmy's account after 2 years with a simple interest rate of 3.7%, first calculate the interest ($550 × 0.037 × 2 = $40.7) and then add it to the principal amount ($550 + $40.7 = $590.7). Jimmy will have $590.7 in his account after 2 years.
Step-by-step explanation:
The subject of the question is mathematics, specifically dealing with the calculation of simple interest and the future value of an investment. To find out how much money Jimmy will have in his account after 2 years with a simple annual interest rate of 3.7%, we can use the formula for simple interest:
I = Prt
Where I is the interest, P is the principal amount deposited, r is the annual interest rate (as a decimal), and t is the time in years the money is invested. Using the formula,
I = $550 × 0.037 × 2 = $40.7.
This is the interest Jimmy will earn after 2 years. To find the total amount in his account, we add the interest to the original deposit:
Total Amount = Principal + Interest = $550 + $40.7 = $590.7.
Jimmy will therefore have $590.7 in his account after 2 years.