Question

12 years ago, Catherine deposited $200 in a savings account that pays 7.25% simple

interest What is the balance in Catherinesco

Answer 1

$374

Explanation:

First you need to find how much money does the back pay per year

$200*7.25

=1450

1450/100

=14.5

Secondly you need to find how much does Catherine have in 12 years

14.5*12 years

=$174

Lastly add the money she already had 12 years ago to how much the bank payed in that 12 years

$200+$174

=$374