Jackie deposited $315 into a bank account that earned 1.5% simple interest each year.
if no money was deposited into or withdrawn from the account, how much money was in the account after 3 years?
round your answer to the nearest cent.

Answer-

Money in the bank account after 3 years will be  $329.18

Solution-

Jackie deposited $315 into a bank account that earned 1.5% simple interest each year for 3 year, while no money was deposited into or withdrawn from the account.

We know that,

Where,

i = interest

P = Principal = $315

r = Rate of interest = 1.5% annual

t = time period = 3 years

Putting the values,

Total money in bank account = Principal + interest = 315 + 14.18 = $329.18

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