Brayden invests money in an account paying a simple interest of 3.3% per year. If he invests $30 and no money will be added or r

Question

Murrr4er [49]

3 years ago

8

Brayden invests money in an account paying a simple interest of 3.3% per year. If he invests $30 and no money will be added or r

emoved from the investment, how much will he have in one year, in dollars and cents?

Mathematics

2 answers:

jok3333 [9.3K] · Answer 1 · 2022-11-14T07:00:17+03:00

jok3333 [9.3K]3 years ago

8 0

The answer is $29.01

kompoz [17] · Answer 2 · 2022-11-14T05:49:34+03:00

Answer:

$30.99

Step-by-step explanation:

The formula for simple interest is I = PRT where I = interest earned, P = principal amount borrowed/deposited, R = rate as a decimal, and T = time in years.

I = (30)(0.033)(1)

I = 0.99

Then add that to the amount deposited ($30) and you're done.

30 + 0.99 = $30.99

Please let me know if you have questions.