Question

To be able to buy a new computer, Keisha decides to save for 6 years. She opens a savings account with $600. The account pays simple interest at an annualrate of 3%. She doesn't make any more deposits.Answer the following questions. If necessary, refer to the list of financial formulas.x5?(a) How much total interest will Keisha earn?$0(b) What will the total amount in the account be including interest)?$Submit AssignmentContinue2022 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Center Accessibility3:47 AMM68°F MOOED »)5/19/2022-*O PiType here to searchFONumWoonPausePrisc

Answer 1

Given:

`\begin{gathered} P=600 \\ R=3\% \\ T=6year \end{gathered}`

Required:

To find the total interest and the total amount in the account be including interest.

Step-by-step explanation:

(a)

The total interest is

`\begin{gathered} I=(PTR)/(100) \\ \\ =(600*6*3)/(100) \\ \\ =108 \end{gathered}`

(b)

The total amount in the account be including interest is

`600+108=708`

Final Answer:

(a) The total interest is $108.

(b) The total amount in the account be including interest is $708.