Question

Before working through each problem, identify the principal, rate, time. Work with your shoulder-partner to find the solution. • Mr. Jackson deposited $1,250 in a new account at his bank.

• The bank pays 3.5% simple interest
• Mr. Jackson pays no additional deposits or withdrawals.
o What amount is closest to the balance of the account at the end of 2 years?

Answer 1

principal: 1250

rate: 3.5%

time: 2 years

formula: prt

=1250(3.5%)(2)

= 87.5

=1250+87.5

=1337.5