Question

: Find the balance of a savings account after 212 years if the simple interest earned each quarter is 0.35% and the principal is $450.

Answer 1

Answer:

The balance of the account is $1335.6

Step-by-step explanation:

To find the new balance of the account after 212 years, we use simple interest formula to calculate that.

Principal = 450

Rate = 0.35% quarterly = (0.35*4) annually = 1.4% = 1.4 / 100 = 0.014

Reason why the rate was converted from quarterly to annually is because simple interest are calculated annually

T = 212 years

Simple Interest (S.I) = ?

S.I = PRT

S.I = 450 * 0.014 * 212

S.I = $1335.6

The balance of the account after 212 years is $1335.6