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Economics - Financial Markets
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OpenStudy (anonymous):
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?
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OpenStudy (anonymous):
2.4% Monthly right? Just $ 1,023.48 * 0,024 (the same thing that 2.4%) = 24,56 (earns per month) and Just $ 24.56 * 5 ( 5 is time, number of months) = $ 122.8 are the earns in 5 months with 2.4% interest for savings
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