Question

Juan deposited $550 in an account that earned 2.5% simple interest. He did not make additional deposits and he didn't withdraw any money from the account. What was the balance in Juan's investment account after 18 years? (Refer to the digital Reference Material to assist in determining the correct formula.)

Answer 1

Answer:

$551.25

Step-by-step explanation:

$450 x 7.5% = 33.75

33.75 x 3 = 101.25

101.25 + 450 = 551.25