Answer:
To calculate the amount Ryan will have in his account after 27 months with simple interest, you can use the following formula:
A = P(1 + rt)
Where:
A = the final amount
P = the principal amount (initial deposit)
r = the annual interest rate (as a decimal)
t = the time in years
In this case:
P = $15,250
r = 2.42% or 0.0242 (as a decimal)
t = 27 months / 12 months/year = 2.25 years
Now, plug these values into the formula and calculate:
A = $15,250 * (1 + 0.0242 * 2.25)
A = $15,250 * (1 + 0.05445)
A = $15,250 * 1.05445
A ≈ $16,113.62
So, after 27 months, Ryan will have approximately $16,113.62 in his account.
Step-by-step explanation: