Eira is opening a new savings account an depositing $1,150 into it. The account has an annual simple interest rate of 4.5%. How much money would be in the account after 5 years, if she doesn't deposit or withdraw any money?Eira is opening a new savings account an depositing $1,150 into it. The account has an annual simple interest rate of 4.5%. How much money would be in the account after 5 years, if she doesn't deposit or withdraw any money?
Answers
Answered by
0
Step-by-step explanation:
Money deposited by Eira = $1150
Rate per annually (p.a) = 4.5 %
Time = 5 years
Simple Interest = principle * time * rate / 100
( Note : * = multiply & / = divide)
Simple Interest = 1150 * 5 * 4.5 / 100
Simple interest = $258.75
(ans = after 5 years Eira will receive $ 258.75 in her account)
Answered by
0
Answer:
$1,408.75
Step-by-step explanation:
given,
princple=$1,150
rate=4.5%
time=5years
simple interest=(principle*rate*time)/100
S.I.=($1150*4.5*5)/100
S.I.=$258.75
Amount=principle+simple interest
=$1,150+$258.75
=$1,408.75
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Amount=$1,408.75
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