Question

Nia puts 750 into a savings account. the simple interest rate for savings account is 3%. If nia does not withdraw or deposit any additional money, how much money will nia's account at the end of 2.5years

Answer 1

To calculate the amount of money in Nia's account at the end of 2.5 years, we can use the formula for simple interest:

Interest = Principal * Rate * Time

Where:
Principal = $750
Rate = 3% = 0.03 (in decimal form)
Time = 2.5 years

Plugging in the values, we get:

Interest = $750 * 0.03 * 2.5 = $56.25

To find the total amount in Nia's account at the end of 2.5 years, we add the interest to the principal:

Total amount = Principal + Interest = $750 + $56.25 = $<<750+56.25=806.25>>806.25

Therefore, Nia will have $806.25 in her account at the end of 2.5 years.