Question

Piper deposited $734.62 in a savings account that earns 2.6% simple interest. What is Piper’s account balance after seven years?

Answer 1

I believe you would just do (734.62)(0.026)=19.10 approximately.
Now you would do 19.10*7 for the 7 years and get $133.70 as from interest.
To figure out what he wouold have in his whole acc. w/ the interest you add
$734.62
$133.70
--------
$868.32 <==is your answer.

Answer 2

Omg, thank you lol, the way you explained it made it easy. everytime someone else tried to explain i never nderstood

Answer 3

Lol no prob. :) I like to explain things simple :)

Answer 4

So then would this be correct for the next problem...?
Timothy deposited $1,023.48 in a savings account that earns 2.4% simple interest. What will Timothy’s account balance be in 5 months?

(1023.48)(0.024)=24.56
24.56x5=122.80
1023.48
+122.80
=$1,146.30

Answer 5

Let me look sry, was helping 2 other people so yeah.

Answer 6

You almost got it right. Just one simple mistake at the end
1023.48+122.80=1146.28

Answer 7

Oh, yeah i rounded up because there was not an answer with .28 at the end

Answer 8

Ned currently has a balance of $1,006.13 in an account he has held for 23 years. He opened the account with an initial deposit of $612. What is the simple interest rate on the account?
How would i do this one?

Answer 9

oh okay yeah then that's right. Let me see.