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?

This problem is an example of a simple interest.

What is given?

Principal = $1,567.12

Interest Rate = 1.9% or 0.019

Time = 9/12 or 9 months (Remember that 9 months is not even a year, it is just a fraction of a year, there are 12 months in a year, thus 9 months is just 9/12)

The formula for simple interest is I = Prt

So plug-in the values

I = Prt

= ($1,567.12) (0.019) (9/12)

= ($1,567.12) (0.01425)

= $22.33

$22.33 is the interest for 9 months, add that to the principal to get the account balance after 9 months.

= $22.33 + $1,567.12

= $1,589.45

Alternative solution: There’s another formula which is A = P(1 + rt)

Where:

A is the accumulated amount or future value

P is the principal

r is the interest rate

t is time

A = 1567.12 (1 + (0.019 * 9/12)

= $1.589.45

step-by-step explanation:

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