Question

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1. Michael deposits $120 into a new savings account.
The account earns 5.5% simple interest per year.
No money is added or removed from the savings account for 5 years.
What is the total amount of money in her savings account at the end of the 5 years.
A. $ 127.50
B. $ 85
C. $ 153
D. $ 330

Answer 1

I53 $

Explanation:

So, now we can set up the proportion:

5.5 x

-------- = ------

100 120

We need to find the value of x.

120 × 5.5 = 660

660 ÷ 100 = 6.6

So, now we know 6.6 is the amount Michael gets every year for interest.

Let's multiply that over 5 years.

5 × 6.6 = 33.

So, in total interest, Michael got 33$ in 5 years. Let's add that amount to the amount he originally added to into his savings account.

33 + 120 = 153.

Therefore, 153 will be the answer.

-kiniwih426