Question

Timothy deposited $2,780.20 in a savings account that earns 4.3% simple interest. What will Timothy’s account balance be in 7 months?

Answer 1

Keeping in mind that, there are 12 months in a year, therefore, 7 months is really just 7/12 of a year.

$\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \ 2780.20\\ r=rate\to 4.3\%\to \frac{4.3}{100}\to &0.043\\ t=years\to &\frac{7}{12} \end{cases} \\\\\\ A=2780.20\left(1+0.043\cdot \frac{7}{12} \right)$

Answer 2

Its in google i had the same question as u once