Question

Mitchell deposited $651.37 in a savings account that earns 3.9% simple interest. What is Mitchell’s account balance after 15 years?

Answer 1

I need help on this i honestly don't even understand anything that is happening in this class please help me!(O.O)

Answer 2

use the formula

I = Prn P = principal ( amount invested) $651.37
r = interest rate as a decimal 3.9% = 0.039
n = number of time periods 15

just substitute andevaluate for an answer.

Answer 3

Thank you so much =D i got 381

Answer 4

I think you may need to include the 5 cents in the answer

$381.05 this is the interest

the account balance will be the Principal + Interest

Answer 5

yeah i did=D Thanks

Answer 6

oh it this the same way Stacey currently has an account balance of $1,007.78. Her initial deposit on the account was $616 and it earned 5.3% simple interest. How long has Stacey held the account?

Answer 7

so in this question you need to find the interest

1007.78 - 616 = 391.78

when you know the interest I

you need to formula

I = Prn

or

391.78 = 616 * 0.053* n

you need to solve for n

Answer 8

31 years?=D

Answer 9

ummm the question becomes

\[\frac{391.78}{(616 \times 0.053)} = \]

Answer 10

oh ok 12 years!=D