Question

Mak Deposited $493.12 In A Savings Account That Earns 3.2% Simple Interest. What Is Mak's Account Balance After 13 Years?
A.) $205.14
B.) $508.90
C.) $698.26
D.) $2,051.38

Answer 1

The amount of interest earned each year is given by:
\[\large Annual\ interest=493.12\times0.032\ dollars\]
The account balance after 13 years is:
\[\large493.12+(13\times493.12\times0.032)=(you\ can\ calculate)\ dollars\]

Answer 2

493.12+205.13792= 698.25792

Answer 3

Thank You

Answer 4

You're welcome :)