Question

Marissa deposited $3,900 into a savings account. How much will Marissa have in her account after 7 years and 6 months at a yearly simple interest rate of 1.82%

Answer 1

Marissa wants to know how much she would make using the simple interest calculation.

She will have $4,432.35

Given data

Principal = $3,900

Time = 7 years 6 months = 7.5 years

Rate = 1.82%

I = A - P = $532.35

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 1.82%/100 = 0.0182 per year.

Solving our equation:

A = 3900(1 + (0.0182 × 7.5)) = 4432.35

A = $4,432.35

The total amount accrued, principal plus interest, from simple interest on a principal of $3,900.00 at a rate of 1.82% per year for 7.5 years is $4,432.35.

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