Bonnie deposits $70.00 into a new savings account. The account earns 4.5% simple interest per year. No money is added or removed form the savings account for 3 years. What is the total amount of money in her savings account at the end of the 3 years

Question

Jaslyn

Mathematics

3 November, 12:41

Bonnie deposits $70.00 into a new savings account. The account earns 4.5% simple interest per year. No money is added or removed form the savings account for 3 years. What is the total amount of money in her savings account at the end of the 3 years

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Answers (2)

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Jovan Carlson · Answer 1

The amount in the account would be 79.45

Step-by-step explanation:

To determine the amount that will be in the account, we can use the simple interest equation.

A = P + Prt

A = 70 + 70 (.045) (3)

A = 70 + 9.45

A = 79.45

Keaton Dyer · Answer 2

The total amount of money would be $79.45 because if you do the equation:

interest=simple interest x time x principal (amount you originally put in) you will get a total interest of $9.45. if you want the total that is in your account, you will need to add the total amount of interest to your principal amount or the amount you first put in which is 70.