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Answered

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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

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