Question

Can someone check my answer please?

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

I'm stuck between $52.57 and $330.73

Answer 1

Interest = principal(deposit) * rate(in decimals) * time( in years)

i = prt

deposit = $278.16
rate = 2.1% in decimals will be \(\bf \cfrac{2.1}{100}=0.021\)
time = 9 years

Petra's account will be, whatever she deposited, PLUS the interest

\(\bf \color{red}{i} = prt\\ \quad \\
\color{red}{i} = 278.16\times 0.021\times 9\\ \quad \\
\textit{her balance after 9 years is}\qquad 278.16 + \color{red}{i}
\)

Answer 2

I just reread the question and$52.57 wouldn't be correct at all. But I got $330.73 by using I = Prt +P. Is that what you were saying? Because I did use I = Prt but I ended up with $52.57 which is too low

Answer 3

So now I'm just trying to make sure $330.73 is the correct answer

Answer 4

52.57 is correct for the INTEREST earned only

Answer 5

yes

Answer 6

Got it, and 330.73 would be her ACCOUNT balance after 9 years. Right? (:

Answer 7

yeap

Answer 8

Sweet! Thank you very much for checking! :D

Answer 9

yw