Question

Jackie deposited $315 into a bank account that earned 1.5% simple interest each year.

Answer 1

Answer:

copied from InesWalston expert

Money in the bank account after 3 years will be  $329.18

Step-by-step explanation:

Jackie deposited $315 into a bank account that earned 1.5% simple interest each year for 3 year, while no money was deposited into or withdrawn from the account.

We know that,

i = p.r.t / 100

Where,

i = interest

P = Principal = $315

r = Rate of interest = 1.5% annual

t = time period = 3 years

Putting the values,

i = 315 × 1.5 × 3 / 100 = $14.18

Total money in bank account = Principal + interest = 315 + 14.18 = $329.18