Mr. Jansen opened a savings account with an initial deposit of $720 and will not make any additional deposits or withdrawals. Th
e account earns 1% simple interest. What is the total amount that Mr. Jansen will have in his account at the end of 3 years?
a. $741.60
b. $ 21.60
c.$936.00
d. $784.80
2 answers:
Answer:
A: $741.60
Step-by-step explanation:
If the account earns 1% interest, then we will do the following:
[YEAR 1] $720 x 1.01 = $727.2
[YEAR 2] $727.2 x 1.01 = $734.5
[YEAR 3] $743.5 x 1.01 = $741.60
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<em>Final Answer: $741.60</em>
Answer:
a $741.60
Step-by-step explanation:
720 × 1.03( add the one on so we can make it a one step problem) = 741.6, meaning, the answer is a $741.60
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