Question

NEED HELP QUICKLY Jessie put $3,200 into a savings account that earns 3.5% annual compound interest. If she makes no other deposits or withdrawals, what will her balance be after 12 years? SHOW ALL WORK.

Answer 1

Answer:

Step-by-step explanation: r = 35 / ( 3200 × 12 ) = 0.00091146

r = 0.00091146

converting r decimal to a percentage

R = 0.00091146 * 100 = 0.0911%/year

The interest rate required solve for the simple interest of $ 35.00

from a principal of $ 3,200.00

over 12 years is 0.0911% per year.