Answered

Welcome to Westonci.ca, where your questions are met with accurate answers from a community of experts and enthusiasts. Experience the convenience of getting reliable answers to your questions from a vast network of knowledgeable experts. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

chelsea deposits $600 into a bank account and is earning simple interest.After 4 years her account has a balance of $621.60.If Chelsea decides to put $1100 into the bank account instead of $600 how much would she have in her account after 7 years?

Sagot :

SlowZasob
If she deposited $600 and had $621.60 after four years, then she earned: $621.60 - $600 = $21.60 in four years. It means in one year she earned $21.60 ÷ 4 = $5.40. Now we have to find out how many percent of $600 is $5.40:

$5.40 = x% from $600
5.4 = x/100 * 600
5.4 = 600x/100                 / * 100 (both sides)
540 = 600x                       / ÷ 600 (both sides)
x = 0.9

So the interest rate was 0.9% annually.

Now we have to find out how much is 0.9% from $1100:

$1100 * 0.9% =
= 1100 * 9/1009 =
= 9900/1000 =
= 9.9

It means in one year she would earn $9.90. After 7 years she would earn $9.90 * 7 = $69.30, so she would have in her account:

$1100 + $69.30 = $1169.30
Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.