Jamie has invested $1500 in a savings account. Each month the account pays an interest of 3.8%. How much money will she have in her account 4 years later if she does not make any deposits or withdrawals (round to the nearest dollar) ?

A) $1,257

B) $1,557

C) $1,559

D) $2,341

Question

Mathematics

Alan Simpson

21 November, 08:14

Jamie has invested $1500 in a savings account. Each month the account pays an interest of 3.8%. How much money will she have in her account 4 years later if she does not make any deposits or withdrawals (round to the nearest dollar) ?

A) $1,257

B) $1,557

C) $1,559

D) $2,341

+2

Answers (1)

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Jackson · Answer 1

Use the formula I=PRT. P = Principal, R = Rate, and T = Time. In this case P = 1500, R = 3.8%, and T = 48 because 12 months in a year multiplied by 4 years. So at the end, I = 1500*3.8%*48. Then add the amount from the equation to her starting balance of 1500

Jamie has invested $1500 in a savings account. Each month the account pays an interest of 3.8%. How much money will she have in her account 4 years later if she does not make any deposits or withdrawals (round to the nearest dollar) ?A) $1,257B) $1,557C) $1,559D) $2,341

Jamie has invested $1500 in a savings account. Each month the account pays an interest of 3.8%. How much money will she have in her account 4 years later if she does not make any deposits or withdrawals (round to the nearest dollar) ?

A) $1,257

B) $1,557

C) $1,559

D) $2,341