Question

Toby deposited $2,103.24 in a savings account that earns 5.1% simple interest. What will Toby’s account balance be in 10 months?

Answer 1

interest in a month
2103.24 * (5.1/100) / 12
8.938

interest in 10 months
8.938 * 10
89.388

Final account balance
2103.24 + 89.388
2192.628