Question

An account is gaining value at a rate of 4.94% per year. The account held $113 in 2005. What will the bank account hold in 2017?

Answer 1

We have that what the bank account hold in 2017  is mathematically given as

T=179.986

Simple interest

Simple interest is a simple way of forecasting and having a view of futuristic values.

Question Parameters:

An account is gaining value at a rate of 4.94% per year.

The account held $113 in 2005.

What will the bank account hold in 2017?

Generally the equation for Simple interest   is mathematically given as

S=(P*R*T)/(100)

Therefore

S=(113*4.94*12)/(100)

S=$66.986

Therefore

after 12 years

T=113+66.986

T=179.986

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