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3 years ago

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

Mathematics

2 answers:

Molodets [167]3 years ago

4 0

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

vesna_86 [32]3 years ago

3 0

Formula: P(1+r)^t

782.11 x (1+0.043)^16

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

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