Question

Suppose $22,825 is deposited into a savings account with a simple interest rate of 4.03%. Find the account balance after 5 years and 3 months.
Enter the answer in dollars and cents, and round to the nearest cent, if needed. Do not include the dollar sign. For example, if the answer is $0.61, only the number 0.61 should be entered.

Answer 1

Based on the information that's given, the account balance after the years given will be $27654.20.

The formula for simple interest is calculated as:

= PRT / 100

where,

Principal = $22825

Rate = 4.03%

Time = 5 years, 3 months = 5.25 years

Therefore, the simple interest will be:

= ($22825 × 4.03 × 5.25) / 100

= $4829.20

Therefore, the amount will be:

= $22825 + $4829.20

= $27654.20

Learn more about simple interest on:

brainly.com/question/25747402

Answer 2

Answer:

The amount will be $27654.20

Step-by-step explanation: