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KIM [24]
2 years ago
11

Michelle deposited $1,385 into a savings account with a simple interest rate of 2.89% per year. If Michelle does not touch the f

unds for 7 years, what will her balance be?
Mathematics
1 answer:
aniked [119]2 years ago
4 0

Answer:

$1,665.19

Step-by-step explanation:

Interest=PRT/100 where P is the principal amount deposited by Michelle, R is the rate offered per year in terms of percentage, T is the period in years

Substituting P for $1385, T for 7 years, R for 2.89% we obtain interest as follows

Interest=$1,385*2.89*7 years/100=$280.1855

Balance after 7 years will be the sum of principal amount and interest gained

Balance=$1,385+$280.1855 =$1,665.1855

Rounding off to 2 decimal places

Balance=$1665.19

Therefore, Michelle's balance is $1,665.19

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