Question

Mrs. Martin deposits $2,350 in a money market account. Her account earns an interest rate of 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?

Answer 1

➤ Given :-

Principle :- ₹2350

Rate of interest :- 18%

Time :- 6 months

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➤ To Find :-

The total amount in Martin's account after the time period.

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★ How to do :-

Here, we are given with the principle amount, the rate of interest and the time taken to receive the money back from her account. We are asked to find the total amount that is there in her account after the time is over. So, first we should find the interest that will be given to her by using a appropriate formula. To find that, we should multiply the principle, rate and time and then divide by 100. The obtained answer will be the simple interest. Later, we can find the amount there in her account by adding interest to principle.

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➤ Solution :-

Simple Interest :-

${\tt \leadsto \underline{\boxed{\tt \dfrac{P \times R \times T}{100}}}}$

Substitute the given values.

${\tt \leadsto \dfrac{2350 \times 18 \times 1}{100 \times 2}}$

Write the numbers in numerator amd denominator in lowest form by cancellation method.

${\tt \leadsto \dfrac{\cancel{2350} \times 18 \times 1}{\cancel{100} \times 2 = \dfrac{47 \times 18}{2 \times 2}}}$

Cancel the fraction further to make it bit lowest form.

${\tt \leadsto \dfrac{47 \times \cancel{18} \times 1}{2 \times \cancel{2}} = \dfrac{47 \times 9}{2}}$

Now, multiply the numbers in numerator and simplify the fraction.

${\tt \leadsto \dfrac{423}{2} = \underline{211.5}}$

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Now, solve for the total amount.

Total amount in Martin's account :-

${\tt \leadsto \underline{\boxed{\tt Simple \: Interest + Principle}}}$

Substitute the given values.

${\tt \leadsto 211.5 + 2350}$

Add the values to get the final answer.

${\tt \leadsto \pink{\underline{\boxed{\tt Rs \: \: 2561.5}}}}$

$\Huge\therefore$ The total amount in Martin's account is ₹2561.5.

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$\dashrightarrow$ Some related formulas :-

$\small\boxed{\begin{array}{cc}\large\sf\dag \: {\underline{More \: Formulae}} \\ \\ \bigstar \: \sf{Principle :- \dfrac{SI \times 100}{R \times T}} \\ \\\bigstar \: \sf{Rate \: of \: Interest :- \dfrac{SI \times 100}{P \times T}} \\ \\ \bigstar \: \sf{Time :- \dfrac{SI \times 100}{P \times R}}\end{array}}$