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dangina [55]
2 years ago
6

Seth worked a summer job at a camp. His salary accumulated all summer and at the end of the summer he deposited $1890 in a savin

gs account at 3.5 percent interest for 2.5 years. What was the total amount of money in the account at the end of this time?
Business
2 answers:
klemol [59]2 years ago
4 0

Answer:

Total amount= $2,055.38

Explanation:

Simple interest is defined as the amount that a lender charges the borrower for the funds collected. The borrower pays back the principal collected and the interest to the lender.

Simple interest is calculated as principal multiplied by time multiplied by interest rate.

Interest= principal * time * rate

Interest= 1,890* 2.5* 0.035

Interest= $165.375

Therefore total amount of money in the account is

Total amount= principal + Interest

Total amount= 1890+ 165.375

Total amount= $2,055.375~ $2,055.38

sergiy2304 [10]2 years ago
4 0

Answer:

$2,059.74

Explanation:

we can use the future value formula to determine the amount of money Seth will have on his savings account:

future value = present value x (1 + r)ⁿ

  • present value = $1,890
  • r = 3.5%
  • n = 2.5 years

future value = $1,890 x (1 + 3.5%)²°⁵ = $1,890 x 1.035²°⁵ = $1,890 x 1.0898 = $2,059.74

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