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Popular Word Problems >

You deposit 1300 in a savings account. The account earns 4.5% simple interest per year. What is the balance after 3 years?

Solution

Y o u d e p os i t 1300 in a s a v in g s a cco u n t . T h e a cco u n t e a r n s 4.5% s im pl e in t eres t p er ye a r . Wha t i s t h e ba l an ce a f t er 3 ye a rs ?

Solution

Amount : 1475.5

Solution steps

Translate the problem into an equation:

A = 1300 (1 + 0.045 \cdot 3)

1300 (1 + 0.045 \cdot 3) = 1475.5

Amount : 1475.5

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