Kayla deposited $2,700.00 into her savings account on March 1st 2015 she earned 3.25% interest for the life for the account. of Kayla did not make any deposits or withdraw, how much would you be in her account on September 1,2017

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23-01-2018
Mathematics

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Kayla deposited $2,700.00 into her savings account on March 1st 2015 she earned 3.25% interest for the life for the account. of Kayla did not make any deposits or withdraw, how much would you be in her account on September 1,2017

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zrh2sfo zrh2sfo · Answer 1 · 2018-01-23T00:40:15+01:00

March 1st, 2015 to September 1st, 2017 = 3 months = 2.5 years

Answer: $2,919.38
(I = A - P = $219.38)

Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 3.25%/100 = 0.0325 per year.

Solving our equation:
A = 2700(1 + (0.0325 × 2.5)) = 2919.375
A = $2,919.38

The total amount accrued, principal plus interest, from simple interest on a principal of $2,700.00 at a rate of 3.25% per year for 2.5 years is $2,919.38.