Chelsea deposit $600.00 into a bank account and is earning simple interest from the bank. After 4 years, her account has a balance of $621.60. If chelsea decided to put $1,100.00 into the account instead of $600.00, how much would she have after 7 years? Explain.

Question

Mathematics

Alayna Becker

12 June, 23:59

Chelsea deposit $600.00 into a bank account and is earning simple interest from the bank. After 4 years, her account has a balance of $621.60. If chelsea decided to put $1,100.00 into the account instead of $600.00, how much would she have after 7 years? Explain.

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Erik Daugherty · Answer 1

Answer is $1137.80.

Because 21.60 divided in 48 months equivalent to 4 years equals. 45 cents interest earned. Then. 45 times 84 months (7 years) equals 37.80.

1100+37.80=1137.80