WILL AWARD MEDAL
Levi deposited $2,918.33 in a savings account that earns 3.4% simple interest. What will Levi’s account balance be in 7 months?

Question

WILL AWARD MEDAL
Levi deposited $2,918.33 in a savings account that earns 3.4% simple interest. What will Levi’s account balance be in 7 months?

anonymous · Answer

$2,976.21

 $2,918.33

 $3,612.89

 $3,017.55

anonymous · Answer

@jim_thompson5910

jim_thompson5910 · Answer

Use the formula 

FV = PV*(1+r*t)

where,

PV = present value (amount you have right now)
FV = future value (amount you will have in the future)
r = interest rate in decimal form
t = time in years (make sure you convert from months to years)