Question

Titus deposited $1,508.49 in a savings account that earns 4.2% simple interest. What will Titus’s account balance be in 8 months?

Answer 1

In accounting you learn:

Interest =Principle x Interest Rate x Time

Interest rate, just remember to move it over to the right side of the point
Time set dem to total amount like 12 months or 365 days, use num for the time you need

1508.49 (.042) (8/12) = 42.23772

1508.49+42.24=1550.73


In Calculus you learn

(1508.49)(1+.042/12)^t=1551.24

Funny how they are about .50 off from each other

Most banks actually pay interest with time as 365 days

Anyways hope this helps