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Popular Word Problems >

Nasim invests money in an account paying a simple interest of 1.3% per year. If he invests 70 and no money will be added or removed from the investment, how much will he have in one year, in dollars and cents?

Solution

N a s im in v es t s m o n ey in an a cco u n t p a y in g a s im pl e in t eres t o f 1.3% p er ye a r . I f h e in v es t s 70 an d n o m o n ey w i ll b e a dd e d or re m o v e d f ro m t h e in v es t m e n t, h o w m u c h w i ll h e ha v e in o n e ye a r, in d o ll a rs an d ce n t s ?

Solution

Amount : 70.91

Solution steps

Translate the problem into an equation:

A = 70 (1 + 0.013 \cdot 1)

70 (1 + 0.013 \cdot 1) = 70.91

Amount : 70.91

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