Question

James deposited $575 into a bank account that earned 5.5% simple interest each year. If no money was deposited into or withdrawn from the account, how much money was in the account after ​ ​ 2 1/2 ​ ​ years? Round your answer to the nearest cent. Enter your answer in the box.

Answer 1

1516.56

Explanation:

Multiply money by intrest and multiply by amount of years

Answer 2

79.06

Explanation:

the formula for simple interest

I = Prt

p is the principal

r is the interest rate

t is the time

I = 575 (.055) 2.5

I = 79.0625

round to the nearest cent

79.06