Mrs Martin deposits $2,350 in a money market account. Her account earns an interest rate 18% if she does not deposit or withdraw any money from the account how much will mrs Martin have in the account at the end of six months

Question

Mathematics

Karley Sweeney

6 December, 05:18

Mrs Martin deposits $2,350 in a money market account. Her account earns an interest rate 18% if she does not deposit or withdraw any money from the account how much will mrs Martin have in the account at the end of six months

+3

Answers (1)

Know the Answer?

Amiah Waller · Answer 1

Answer: $2,561.50

(I = A - P = $211.50)

Equation:

A = P (1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 18%/100 = 0.18 per year.

Solving our equation:

A = 2350 (1 + (0.18 * 0.5)) = 2561.5

A = $2,561.50

The total amount accrued, principal plus interest, from simple interest on a principal of $2,350.00 at a rate of 18% per year for 0.5 years is $2,561.50.