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Patricia has a savings account with $89 in it that earns 4.7% simple interest per year. How much money, to the nearest penny, will Patricia have in 5 years?​

Patricia has a savings account with $89 in it that earns 4.7% simple interest per-example-1

2 Answers

3 votes

Answer: $209.2

Explanation:
hey! i'm gonna try to make this as simple as possible;
with simple interest, the formula to this is I = PRT (Interest = Principle x Rate x Time).
we're going to take the $89 , 4.7% simple interest and the 5 years together into the same sentence like the formula.
89 (Principle, the money) x 4.7% (Interest rate) x 5 (Time). we'll narrow down the decimal by moving the decimal forward once so we get a decimal of .47 / 0.47.
back to the equation, it is now 89 x .47 x 5. multiply all those and you'll get a sum of 209.15! by the end of the five years, patricia will have $209.15. to the nearest penny, she will have $209.2. (5 or more, it goes to the next number. 4 or less, it stays in the same place.)
hope this helped :)

User Carl W
by
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4 votes

Answer:simpler interest is 109.92. Annual compounded interest is 111.98

Explanation:

User IgNite
by
8.3k points

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