Question

Malory deposited $841.72 in a savings account that earns 1.4% simple interest. What is Malory's account balance after eleven years?

Answer 1

The answer for this question is 971.34488

Answer 2

A = P(1 + rt)

P=841.72

r = 1.4% =0.014

t = 11 years

A = 841.72 *(1+0.014 x 11) = 971.34

balance = $971.34