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2 September, 15:51

Lionel deposited $3,631.23 in a savings account that earns 1.9% simple interest. What will Lionel's account balance be in 8 months?

A. $4,183.18

B. $3,531.23

C. $3,700.22

D. $3,677.23

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Answers (1)
  1. 2 September, 19:08
    0
    I = PRT

    P = 3631.23

    R = 1.9% ... have to turn this to a decimal = 0.019

    T = 8/12 which reduces to 2/3

    I = (3631.23) (0.019) (2/3)

    I = (68.993) (2/3)

    I = 137.986/3

    I = 45.995

    3631.23 + 45.995 = 3677.225 rounds to 3677.23 <===
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