Your paycheck this week is $241. You put the $114 in a savings account that pays an interest rate of 3.9%. If you leave your money for 2 years, how much will you have?

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Mjepson asked Feb 20, 2022

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Your paycheck this week is $241. You put the $114 in a savings account that pays an interest

rate of 3.9%. If you leave your money for 2 years, how much will you have?

Mathematics
college

Mjepson asked Feb 20, 2022

by Mjepson

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18 votes

Answer:

$122.9

Explanation:

Given data

Principal= $114

Rate= 3.9%

Time= 2 years

The amount in the account is given as

A=P(1+rt)

substitute

A=114(1+0.039*2)

A=114(1+0.078)

A=114(1.078)

A=$122.9

Renefritze answered Feb 25, 2022

by Renefritze

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