Lily deposited $600 in an account that earned 4.2% simple interest. Se did not make additional deposits and she didn't withdraw

Question

3 years ago

6

any money from the account.
What was the balance in Lily's investment account after 5 years?

2 answers:

Luba_88 [7] · Answer 1 · 2022-04-20T04:23:06+03:00

5 0

Answer:

726

Step-by-step explanation:

The simple interest formula is as follows

AV=PV(1+it)

At time four this means that we have

AV=600(1+.042*5)

600*1.21= 726

qwelly [4] · Answer 2 · 2022-04-20T06:26:41+03:00

qwelly [4]3 years ago

5 0

Answer:

$726.00

Step-by-step explanation:

A = 600(1 + (0.042 × 5)) = 726

A = $726.00

The total amount accrued, principal plus interest, from simple interest on a principal of $600.00 at a rate of 4.2% per year for 5 years is $726.00.

Hope this helped