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27 October, 09:50

Petra deposited $278.16 in a savings account that earns 2.1% simple interest. What is Petra's account balance after nine years?

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  1. 27 October, 13:44
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    The answer is $330.73.

    Step 1. Calculate simple interest: I = ?

    Step 2. To get account balance add simple interest to the principal amount:

    I + P = ?

    Step 1. Calculate simple interest.

    I = P * r * t

    P - principal

    r - rate

    t - time period

    We have:

    P = $278.16

    r = 2.1% = 2.1/100 = 0.021

    t = 9

    I = 278.16 * 0.021 * 9 = 52.57

    Step 2. To get account balance add simple interest to the principal amount:

    I + P = ?

    52.57 + 278.16 = 330.73
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