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  1. Julia deposited $250 in a savings account that earns 2.7% simple interest. How much interest has Julia earned by the end of the first year?

$6.75

$92.59

$256.75

$675.00

  1. Armand deposited $389.42 in a savings account that earns 3.2% simple interest. What is Armand’s account balance after seven years?

$87.23

$401.88

$476.65

$872.30

  1. Andy deposited $1,567.12 in a savings account that earns 1.9% simple interest. What will Andy’s account balance be in nine months?

$1,567.12

$1,589.45

$1,596.90

$1,835.10

Verified Answer :

Asahi
  1. $675
    2. $389.42 (3.2)^7
    3. 1567.12(1.9)^9/12

Answer:

Step-by-step explanation:

Simple interest formula is : \(p\times r\times t\)

t is always in years here.

1.

p = 250

r = 2.7% or 0.027

t = 1

Simple interest earned = \(250\times0.027\times1\) = $6.75

2.

p = 389.42

r = 3.2% or 0.032

t = 7

Simple interest earned = @@MATH_TOKEN_2@@ = $87.23

Amount after 7 years will be = \(389.42+87.23\) = $476.65

3.

p = 1567.12

r = 1.9% or 0.019

t = @@MATH_TOKEN_4@@

Simple interest earned = @@MATH_TOKEN_5@@ = $22.33

Account balance after 9 months = \(1567.12+22.33\) = $1589.45

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