Question

Tracy deposited $59 into a bank account that earned 3.5% simple interest each year. If no money was deposited into or withdrawn from the account, how much money was in the account after ​ 112 ​ years? Round your answer to the nearest cent. Enter your answer in the box.

Answer 1

112 years? I think you meant 1 1/2 years.

ANYWAYS, the answer is $62.10

Answer 2

Answer:

$290.28

Step-by-step explanation:

We have been given that Tracy deposited $59 into a bank account that earned 3.5% simple interest each year.

To find money is account after 112 years we will use simple interest formula.

$A=P(1+rt)$, where P is principle amount, r is interest rate in decimal form, t is number of years and A is amount after t years.

Let us substitute our given information in simple interest formula.

$A=59(1+0.035\times 112)$

$A=59(1+3.92)$

$A=59(4.92)$

$A=290.28$  

Therefore, amount in account after 112 years will be $290.28.