Asked by Brianna Ellis on Apr 26, 2024
Verified
Amy opened a savings account with $1,750 she received for graduation.The account pays 4.3% simple interest.What is the balance after 6 months?
Simple Interest
Interest that is calculated on the principal in an account, using the formula I = prt.
- Forecast future savings by applying multiple compounding frequencies.
Verified Answer
ZK
Zybrea KnightMay 03, 2024
Final Answer :
$1,787.63;I = prt = 1,750 0.043 0.5 ≈ 37.63;1,750 + 37.63 = $1,787.63
Learning Objectives
- Forecast future savings by applying multiple compounding frequencies.