Question

Ridgewood Bank is offering 5% simple interest on all of their savings accounts. If an account is opened with a starting balance of $200, how much money will be in the account after 3 years if no money is withdrawn?​

Answer 1

Answer:

230

Step-by-step explanation:

$We\ know\ that:$

$\left\{\begin{matrix}R=5\ percent\\P=200\\T=3\\\end{matrix}\right.$

Formulate and substitute:

$Substitute\left\{\begin{matrix}R=5\ percent\\P=200\\T=3\\\end{matrix}\right.into\ formula\\ F=P+prt\\ F=200+200rt$

Calculate

$200\times (1+3\times 0.05)$

Calculate the product or quotient

$200\times (1+0.15)$

Calculate the sum or difference

$200\times 1.15$

Calculate the product or quotient

$230$

I hope this helps you

:)