A trust fund eels is 6% simple interest divide into its members accounts every month if a member has $5000 in the funds account
how much money would be in that account after three months
1 answer:
Answer:
$5073.37
Step-by-step explanation:
We can use the simple interest rate (appreciation) formula: A = P(1 + r)^t
Because it gives us 3 months, we need to put it in terms of years. That will give us 1/4 of a year:
A = 5000(1 + 0.06)^0.25
When you plug that into the calc, you should get 5073.37 as your final answer!
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