Question

Ridgewood Bank is offering 5% simple interest on all of their savings accounts. If an account is opened with a starting balance of $200, how much money will be in the account after 3 years if no money is withdrawn?​

Answer 1

230

Explanation:

`We\ know\ that:`

`\left\{\begin{matrix}R=5\ percent\\P=200\\T=3\\\end{matrix}\right.`

Formulate and substitute:

`Substitute\left\{\begin{matrix}R=5\ percent\\P=200\\T=3\\\end{matrix}\right.into\ formula\\ F=P+prt\\ F=200+200rt`

Calculate

`200* (1+3* 0.05)`

Calculate the product or quotient

`200* (1+0.15)`

Calculate the sum or difference

`200* 1.15`

Calculate the product or quotient

`230`

I hope this helps you

:)