Question

Ginger Yiu has a principal of $900 in her savings account with a 6% APR. The simple interest is calculated quarterly. What is the amount in the account at the end of the third quarter?

A. $945.22
B. $987.33
C. $935.67
D. $940.50

Answer 1

A=p (1+rt)
A future value ?
p Principle 900
R interest rate 0.06
T time 9/12

A=900×(1+0.06×(9÷12))
A=940.5