Question

Need help ! :/


Liam deposited $1,724.53 in a savings account 4 months ago. The account earns 3.1% simple interest. What is his account balance today?

$1,724.53

$1,742.35

$1,777.99

$2,205.67

Answer 1

http://www.webmath.com/_answer.php

Answer 2

https://www.det.nsw.edu.au/eppcontent/glossary/app/resource/image/2416.png

Answer 3

rate => 3.1% = 3.1/100 = 0.031
principal => original amount
periods => 4 months, thus = 4

Answer 4

use the formula for "simple interest" and get the interest it earned thus far
ADD that interest earned, to the original amount
and that's your new amount, or so-called "balance"

Answer 5

\[1724.53\left(1+4\left(\frac{.031}{12}\right)\right)=1742.35 \]
Sorry, the prior posting had an incorrect answer.