Petra deposited $278.16 in a savings account that earns 2.1% simple interest. What is Petra’s account balance after nine years?

Question

swissgirl · Answer

well the the formula of the the total amount of simple interest is
P+PTR=total amount
P= Principal amount which is the amount u started off with which in ur case is 278.16
T=Time which is 9  in your case
R=Rate which your rate is 2.1% which we know is .021
So now all you gotta do is plug all this in

anonymous · Answer

Okay, I got $52.57. So, is that my answer or do I need to add it or something to the original $278.16? Because it asked for the account balance after 9 years, and I'm not sure what the account balance is.

swissgirl · Answer

well ya u add it to ur original amount. If you look at the formula i gave you
we add the original amount to the amount of interest received over 9 years
278.16+52.57=330.73

anonymous · Answer

Oh, okay. I'm sorry, I didn't see the "+" sign. Thank you! :)

swissgirl · Answer

no problem :)