Question

Jassie put 3,200 into a savings account that cam 3.5% annual com pound interest If she makes no other deposits withdrawals, what will her balance be ofter 12 year?​

Answer 1

Explanation:

r = 35 / ( 3200 × 12 ) = 0.00091146

r = 0.00091146

converting r decimal to a percentage

R = 0.00091146 * 100 = 0.0911%/year

The interest rate required solve for the simple interest of $ 35.00

from a principal of $ 3,200.00

over 12 years is 0.0911% per year.