Question

Tracy deposited $59 into a bank account that earned 3.5% simple interest each year.

No money was deposited into or withdrawn from the account.

How much money was in the account after ​ 112 ​ years?

Round your answer to the nearest cent.Which contributions

Answer 1

Answer

Find out the how much money was in the account after 1\frac{1}{2} years.

To prove

Formula

Simple\ interest = \frac{Principle\times Rate\times time}{100}

As given

Tracy deposited $59 into a bank account that earned 3.5% simple interest each year.

Principle = $59

Rate = 3.5 %

Time = 1\frac{1}{2}

i.e

Time = \frac{3}{2}

Time = 1.5 years

Put all the values in the equation

Simple\ interest = \frac{59\times 3.5\times 1.5}{100}

= \frac{309.75}{100}[/tex]

= $3.1(approx)

Amount in the account = Principle + Simple interest

= $59 + $ 3.1

= $ 62.1

1 Dollar = 100 cent

Now convert $62.1 into cent.

= 62.1 × 100

= 6210 cent

Therefore the money in the account is 6210 cent .