Question

Jennifer invested $302 in a simple interest account. The account earns 3.3%/year how much will Jennifer have in her account in 10 months??

Answer 1

Answer: $310.31

Explanation:

Invested amount (P) = $302

Interest rate (r) = 3.3% per year

Period = 10 months

Recall, simple interest formula :

A = P(1 + rt) where ; A = final amount

Interest = 3.3% = 3.3/ 100 = 0.033

A = $302 ( 1 + 0.033(10/12))

A = $302 (1 + 0.033(0.8333333))

A = $302 ( 1 + 0.0275)

A = $302 ( 1. 0275)

A = $310.305

A = $310.31