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30 April, 01:09

Mrs Martin deposits $2,350 in a money market account. Her account earns an interest rate 18% if she does not deposit or withdraw any money from the account how much will mrs Martin have in the account at the end of six months

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  1. 30 April, 01:24
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    Answer: $2,561.50

    (I = A - P = $211.50)

    Equation:

    A = P (1 + rt)

    Calculation:

    First, converting R percent to r a decimal

    r = R/100 = 18%/100 = 0.18 per year.

    Solving our equation:

    A = 2350 (1 + (0.18 * 0.5)) = 2561.5

    A = $2,561.50

    The total amount accrued, principal plus interest, from simple interest on a principal of $2,350.00 at a rate of 18% per year for 0.5 years is $2,561.50.
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