Question

Henry deposited $250 into a savings account that earns 1.9% simple interest. How much will his account be worth at the end of 10 years?

Answer 1

$297.5

Explanation:

I = Prt/100

I = Interest

P = Amount deposited initially

r = Rate

t = number of years

I = Prt/100

= 250 × 1.9 × 10 / 100

= 25 × 1.9

= 47.5

That is the interest

The total amount in his account will be Initial amount + interest

250 + 47.5

= $297.5