Question

Fina the accumilated amount ot the end of 11 months on a 52400 bank deposit paying simple interest at a rate of 7ow y year. (Round your answer to the nearest cent.)

Answer 1

To find the accumulated amount at the end of 11 months on a $52,400 bank deposit with a 7% annual interest rate, use the formula for simple interest. Plug in the given values and calculate the accumulated amount rounded to the nearest cent.

Step-by-step explanation:

To find the accumulated amount at the end of 11 months on a $52,400 bank deposit with a 7% annual interest rate, we can use the formula for simple interest:

Accumulated Amount = Principal + (Principal x Interest Rate x Time)

Plugging in the given values:

Principal = 52,400

Interest Rate = 7% = 0.07 (decimal value)

Time = 11 months = 11/12 years (since interest is calculated annually)

Using the formula

Accumulated Amount = $52,400 + ($52,400 x 0.07 x (11/12))

Rounding to the nearest cent, the accumulated amount at the end of 11 months is ...