Question

Patricia deposited $612.40 in a savings account that earns 3.2% simple interest. What is Patricia's account balance after thirteen years?

Answer 1

Answer:

Patricia's account balance after thirteen years is $867.15.

Step-by-step explanation:

It is given that,

Principal on deposited amount is $612.40

Rate is 3.2%

We need to find Patricia's account balance after thirteen years, t = 13 years

This problem is based on the concept of simple interest. Interest is given by :

$I=PRt\\\\I=612.4\times \dfrac{3.2}{100}\times 13\\\\I=\ 254.75$

Net amount = $612.40 + $254.75=$867.15