Question

thomas deposited $520.94 in a savings account that earns 3.3% simple interest. what will thomas's account balance be in 7 months

Answer 1

The formula to find the balance is
A=p (1+rt)
A the account balance?
P amount deposited 520.94
R interest rate 0.033
T time 7/12
So
A=520.94×(1+0.033×(7÷12))
A=530.97

Hope it helps!