Juliet opened a savings account at a bank by depositing $75. The account earns simple interest at a rate of 4% per year. The money has been in the account for 5 years, and Juliet has not made any more deposits or withdrawals. How much money is in Juliet's account?

A) $270.00

B) $78.00

C) $80.00

D) $90.00

Question

Mathematics

Mariam

18 September, 07:42

Juliet opened a savings account at a bank by depositing $75. The account earns simple interest at a rate of 4% per year. The money has been in the account for 5 years, and Juliet has not made any more deposits or withdrawals. How much money is in Juliet's account?

A) $270.00

B) $78.00

C) $80.00

D) $90.00

+3

Answers (1)

Know the Answer?

Jaylen Kemp · Answer 1

The money has been in the account f or 5 years. This means that the amount of deposit was increased for 5 times.

75*1.04*1.04*1.04*1.04 * 1.04=75*1.04^5≈91.3 $

In this way i prefer to chose D) $90.00 beacuse it's the nearest number