Henry received $500 for his birthday which he intends to invest in an account that pays simple interest at the rate of 12% per y

Question

2 years ago

9

ear. How much will be in the account

1 answer:

Mila [183] · Answer 1 · 2022-12-05T18:24:57+03:00

Mila [183]2 years ago

3 0

Answer:

$560

Step-by-step explanation:

Given that :

Principal, P= $500

Interest rate, r = 12% per year

Amount in account after 1 year

Time = 1 year

Using the relation :

A = P(1 + rt)

A = final amount in account

A = $500(1 + 0.12(1))

A = $500(1 + 0.12)

A = $500(1.12)

A = $560