Question

Can somebody check my answers please??
Mac deposited $918.78 in a savings account that earns 2.1% simple interest. What is Mac's account balance after ten years?
$1,111.72
**$192.94**
$1,929.44
$938.07
Liam deposited $1,859.69 in a savings account that earns 2.4% simple interest. What will Liam's account balance be in 9 months?
$1,859.69
**$1,893.16**
$1,904.32
$2,261.38
Margaret currently has a balance of $7,726 in an account earning simple interest. Sixteen years ago she opened the account with an initial deposit of $5,278. What is the interest rate on the account?
2.0%
9.2%

Answer 1

Let's look at the first problem.

Answer 2

**2.9%**
6.3%
Amy has deposited $661 in a savings account that earns interest at a rate of 3.1% compounded monthly. What will the balance be in 15 years?
**$1,051.69**
$681.49
$2,049.10
$1,153.89

Answer 3

ok sorry was in the process of typing the last question

Answer 4

You need to read the problem carefully and make sure you answer the question that was asked.

Given:
Deposit of $918.78.
Simple interest of 2.1% for 10 years.
Question:
What is the balance at the end of 10 years?

When you answer a question, you must make sure the answer makes sense.
If he started with $918.78 and earned interest, how can he end up with $192.94?

Answer 5

for the first one...you just found the interest...add that to the principle

Answer 6

The second one is correct.

Answer 7

Is there a specific formula? Because i had gotten help with this but i didn't really trust the answer and would like the formula for future questions

Answer 8

The third question is correct.

Answer 9

I = PRT --- interest = principle * rate * time

Answer 10

The formula for simple interest is:

\(I = Prt\)

where
I = interest
P = principal amount (the initial deposit)
r = annual simple rate of interest
t = number of years

Answer 11

but you got to watch the " time " because if it is months, like in the second problem, 9 months, it would be 9/12

Answer 12

could you show me how to plug the first question in ?

Answer 13

In the first problem, you can use this formula to find the interest.
Then add the interest to the principal (initial amount that was deposited) to find the balance after 10 years.

Answer 14

Problem 3 is compound interest, so you need the compound interest formula.
It's a different formula from the one above.

Answer 15

what's the compound interest formula look like?

Answer 16

In the context of the third question? ^^