Question

Mr. Moore deposits $3,550 in a money market account with an interest rate of 22%. If he does not deposit or withdraw any money from the account, how much will he have at the end of 9 months?

Answer 1

$10,579, assuming that 22% is the rate per month

Explanation:

Here, I'll assume that the interest rate is per month.

The simple interest formula is
`I=Prt` (Interest = principal * rate * time). The rate and time need to use the same units.

The principal is $3550, the rate is 0.22, and the time is 9, so
`I=(3550)(0.22)(9)`. The product is 7029.

This is added to how much money he already has: 7029+3550=10579

Answer 2

si = prt/100
*CHANGE 9 MONTHS TO YEARS*
9/12

3,550 times 22 times 0.75 divided by 100

The answer is 585.75