Question

Vishal deposits $65 into a new savings account. The account earns 7.5% interest per year. No money is added or removed

from the savings account for 3 years. What is the total amount of money in his account at the end of 3 years.

Answer 1

$
`79.23` After 3 years

Explanation:

Use I P R T it's a method for simple interest

I = Interest

P = Amount of money

R = Percent in decimal

T = Time in years

Answer:

I =
`x` (we dont know yet)

P = $
`65`

R =
`7.5`%
`= 0.075`

T =
`3`
`years`

Steps:

1. Set up your numbers with the method I P R T.

2. $65 will be your amount of money.

3. 7.5% needs to be converted because you will need to multiply later on in the problem. Simply move 2 places to the left to convert your percent into a decimal.

4. They want to know the total amount of money in his account at the end of 3 years. So 3 years will be your time in years.

5. After setting up your problem you need to multiply your Amount of money x percent as decimal x time in years.

`65(0.075)(3)=14.63\\`
`Interest\\`

6. After you find your interest you need to add your amount of money + interest.

`65 + 14.63 = 79.23` Money after 3 years

hope this helped