Question

Aiden opens a savings account with 4500. the account pays 3% simple interrst. if Aiden dont make any deposits or any withdrawals, how much will he have iAidenn the account at the end of two years?a 4527b 4635c 4680d 4774e 4905

Answer 1

Answer: $4, 770

Aiden opens a savings account with $4500 at interest of 3%

t = 2 years

Using, simple interest formula

`\begin{gathered} I\text{ = }\frac{P\text{ x R x T}}{100} \\ I\text{ = }\frac{4500\text{ x 3 x 2}}{100} \\ I\text{ = }\frac{4500\text{ x 6}}{100} \\ I\text{ = }(27000)/(100) \\ I\text{ = \$270} \end{gathered}`

Balance = Principal + interest

Balance = 4500 + 270

Balance = $4,770

At the end of the second year, Aiden makes a deposit of $300

The total amount of money that will be in her account

Balance = 4770 + 300

Balance = $5, 070