Question

Emma deposited $500 in a savings account at her bank. Her account will earn an annual simple interest rate of 9%. If she makes no additional deposits or withdrawals, how much money will she have in her account in 11 years

Answer 1

$995.00 she will have in her account in 11 years

Future Value = Present Value + Present Value * Interest Rate * Time Period

Future Value = $500 + $500 * 0.09 * 11

Future Value = $995.00

Simple interest is a quick and easy way to calculate interest on a loan. Simple interest is calculated by multiplying the daily interest rate by the principal and multiplying by the number of days elapsed between payments.

Simple Interest (SI) is a method of calculating the amount of interest on a particular principal at a particular interest rate. For example, when a person takes out an Rs loan. At a rate of 5000, 10 p.a. for 2 years, the interest for a person for 2 years is SI. To the borrowed money.

Learn more about simple interest here:brainly.com/question/25793394

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