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8 March, 05:48

Seven years ago Maya opened a savings

account with her bank. She started with a

balance of $218. If her interest rate is 6%

per year, how much interest has accrued

using simple interest? What is Maya's

new total balance?

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Answers (1)
  1. 8 March, 06:13
    0
    accrued interest: $91.56 total balance: $309.56

    Step-by-step explanation:

    The amount of simple interest is ...

    I = Prt = $218·0.06·7 = $91.56

    The total account balance is this amount added to the original deposit:

    $218.00 + 91.56 = $309.56
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