Question

Mikey deposited $782.11 in a savings account that earns 4.3% simple intrest. What is mickeys account balance after 16 years

Answer 1

Answer:

Mickeys account balance after 16 years is:

$ 1320.20

Step-by-step explanation:

Mikey deposited $782.11 in a savings account that earns 4.3% simple interest for 16 years.

Interest= $\dfrac{P\times r\times t}{100}$

where P is principal amount

r is interest rate and t is time

Interest=  $\dfrac{782.11\times 4.3\times 16}{100}$

            = $ 538.09

Amount in account after 16 years= $(782.11+ 538.09)

                                                      = $ 1320.20

Answer 2

Formula: P(1+r)^t

782.11 x (1+0.043)^16

782.11 x (1.043)^16 = $1533.97 after 16 years