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26-10-2022
Mathematics

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Paloma opened a savings account with a deposit of $750 She earns 2% simple interest per year on the account What will be the total amount of money, in dollars in Paloma's account after 1 year if there are no other deposits or withdrawals?

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XaviE754680 XaviE754680

26-10-2022

The formular for finding the amount on a simple interest given the principal, the time, and rate is

[tex]A=P(1+\frac{RT}{100})[/tex]

The given Principal, P=$750; Rate, R=2%; Time, T= 1year

Substituting the given parameters in the formula to calculate the Amount A

[tex]\begin{gathered} A=750(1+\frac{2\times1}{100}) \\ A=750(1+0.2) \\ A=750(1.2) \\ A=\text{ \$900} \end{gathered}[/tex]

Hence, the amount of money in dollars in Paloma's account after 1 year is $900

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