Answer:
The answer to the first question is $276.75 and the answer to the second question is $4882.50
Step-by-step explanation:
<u><em>Johnny deposited $1230 in a savings account at 2.25 percent interest. How much interest will the account earn in 10 years?</em></u>
To solve this, we simply use the simple interest formula;
Simple Interest = PRT / 100
where p is the principal, R is the rate and T is the time (in years)
In this question principal = $1230 rate = 2.25 and time = 10
We can now plug the variables into the formula;
Simple Interest = PRT / 100
=$1230 × 2.25× 10 / 100
= $27675 / 100
= $276.75
Therefore, the amount of interest earn in 10 years is $276.75
<u><em>Will got an insurance check of $4500 after a car accident. He deposited it into a savings account at 1.7 percent interest for five years. What was the total amount of money in the account after five years?</em></u>
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We can also solve this second part of the question using the simple interest formula, here;
principal = $4500
Rate =1.7
Time =5
We will now insert our values into the simple interest formula, thus;
Simple Interest = PRT / 100
=$4500 × 1.7 × 5 / 100
=$38250 / 100
=$382.50
Simple interest =$382.50
Total amount = $4500 + $382.50
=$4882.50
Therefore, the total amount in the account after five years is $4882.50
