Question

Naomi invested $3,425 in an account that

pays 3% simple interest. what was the total
balance of the account after 15 years?
​

Answer 1

Answer: 4,966.25

Explanation: start by diving 3425 by .03 to get the amount of interest it is yearly giving you 102.75 and then multiply that by 15 since that’s the amount of years and get 1541.25 then add 3425 and 1541.25 together to get the final product of 4,966.25

Answer 2

$4,966.25

Explanation:

3 x 15 = 45

After 15 years, Naomi would have earned a total of 45% interest rate.

3,425 x 1.45 = 4,966.25

Don't use .45 as the multiplier

3,425 x .45 = 1,541.25 <- incorrect