A bank advertises that they will pay 1.5% simple annual interest on new savings accounts. Lorenzo puts $400 in a new account. If
he does not deposit it withdraw money, how much will he have altogether after one year?
1 answer:
Answer:
$406
Step-by-step explanation:
The amount of interest that Lorenzo's account earns is given by ...
I = Prt
where P is the principal amount ($400), r is the annual rate (1.5%) and t is the number of years (1).
Lorenzo's interest is ...
I = $400·0.015·1 = $6.00
Then the balance in Lorenzo's account at the end of one year is ...
$400 +6 = $406.00
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