Question

Patricia deposited $612.40 in a savings account that earns 3.2% simple interest. What is Patricia's account balance after thirteen years?

Answer 1

Patricia's account balance after thirteen years is $867.15.

Explanation:

It is given that,

Principal on deposited amount is $612.40

Rate is 3.2%

We need to find Patricia's account balance after thirteen years, t = 13 years

This problem is based on the concept of simple interest. Interest is given by :

`I=PRt\\\\I=612.4* (3.2)/(100)* 13\\\\I=\$254.75`

Net amount = $612.40 + $254.75=$867.15