Question

Nicole deposits $2,136 in a savings account paying 5.36% interest. to the nearest dollar, how much money does nicole have in total after nine years?
a. $213
b. $1,030
c. $1,272
d. $3,166 please select the best answer from the choices provided

Answer 1

2,136×(1+0.0536×9)
=3,166

Answer 2

Answer : The correct option is, (d) $3166

Step-by-step explanation :

Given:

Principle = $2136

Rate = 5.36 %

Time = 9 years

First we have to determine the simple interest.

Formula used :

$S.I=\frac{PRT}{100}$

where,

P = principle  

R = interest rate

T = time

S.I = simple interest

Now put all the given values in the above formula, we get:

$S.I=\frac{(\ 2136)\times (5.36)\times (9)}{100}$

$S.I=\ 1030.4$

Now we have to calculate the total amount nicole have after nine years.

Amount = Principle + Simple interest

Amount = $2136 + $1030.4

Amount = $3166.4

Amount ≈ $3166

Thus, the total amount nicole have after nine years is, $3166