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2 years ago

how much would be in your savings account in 9 years after depositing $160 today if the bank pays 9 percent per year

Business

1 answer:

levacccp [35]2 years ago

7 0

In 9 years after depositing $160, in my savings account would be $289.6

The formula for simple interest and procedure we will use to solve this exercise is:

S.I.= (P*R*T)/100

Where:

P = principal
R = rate of interest in % per annum
T = time

Information about the problem:

P = $160
R = 9%
T = 9 years
Total amount = ?

Applying the simple interest formula, we get:

S.I.= (P*R*T)/100

S.I.= (160* 9*9)/100

S.I.= $129.6

Calculating the total amount that would be in my savings account, we get:

Total amount = P + S.I.

Total amount = $160 + $129.6

Total amount = $289.6

<h3>What is simple interest?</h3>

It is the operation in which we calculate the profit produced by a capital loaned at a given percentage.

Learn more about simple interest at: brainly.com/question/20690803

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