nadifadiiriye
Answered

Welcome to Westonci.ca, your one-stop destination for finding answers to all your questions. Join our expert community now! Explore in-depth answers to your questions from a knowledgeable community of experts across different fields. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

John's parents deposited $1000 into a savings account as a college fund when he was born. How much will John have in this account afer 18 years at a yearly simple inerest rate of 3.25%?​

Sagot :

1585, the interest per year is 32.50 you multiply that by 18 and add it to the 1000
semsee45

Answer:

$1,585

Step-by-step explanation:

Simple interest formula:

A = P(1 + rt)

where:

  • A = final amount
  • P = principal
  • r = annual interest rate (in decimal form)
  • t = time (in years)

Given:

  • P = $1000
  • r = 3.25% = 0.0325
  • t = 18 years

Substituting given values into the formula:

⇒ A = 1000(1 + 0.0325 · 18)

       = 1585

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.