Question

If Damon invests $1200 for 1 year in a saving account that pays a simple interest rate of 2.29% annually, then what is the overall amount that he will Have in the account?

Answer 1

the answer is $1202.29

Answer 2

$i = p \times r \times t$
$i = 1200 \times .0229 \times 1$
$1220 \times .0229 = 27.48$
$27.48 \times 1 = 27.48$
$27.48$