Question

Q11) kelly puts $350 in a savings account. the savings account accrues interest at a flat rate of 1.05% a month. how much will the account be worth in 7 months ?

Answer 1

The account be worth in 7 months is 375.725 .

What is the amount in simple interest?

Amount (A) is the total money paid back at the end of the time period for which it was borrowed. The total amount formula in case of simple interest can also be written as: A = P(1 + RT)

Here, A = Total amount after the given time period.

Given that,

P = $350, R = 1.05%, T = 7 month

The simple interest equation uses "t" as years, but is just cycles, using an APR rate.

now, if we never mind "t" as years and just use it as an interest cycle, then we can say the rate is 1.05% and the period is 7 cycles.

A = P(1 + RT)

   = 350(1+1.05%×7)

   = 350(1+0.0105×7)

   = 350(1+0.0735)

   = 350×1.0735

A  = $375.725

Hence, The account be worth in 7 months is 375.725 .

To learn more about simple interest from the given link:

brainly.com/question/25793394

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