Question

Ralph deposited $910 in an account that pays 5.2% simple interest, for 3 1/2years.

a. How much interest did the account earn?

Answer 1

$1075.62

Explanation:

Given data

Principal=$910

Rate= 5.2%

Time=3 1/2 years = 3.5 years

The simple interest expression is given as

A=P(1+rt)

Substitute

A=910(1+0.052*3.5)

A=910(1+0.182)

A=910*1.182

A=$1075.62

Hence the account balance will be $1075.62