Question

Joan deposited $550 into her savings account for two years. She received 1.8% simple

interest on her money. How much money did she have at the end of the two year term?

Answer 1

Answer:$569.8

Explanation:

To find the amount received for$550 deposited for 2yrs at 1.8% per annum

I=prt/100

I=550×1.8×2/100

I=$19.8

To find the whole money deposited after 2yrs

A=I+p

A=$19.8+550

A=$569.8