Asked by Damon
Olivia deposits $6,952 in a savings account paying 3.72% interest. To the nearest dollar, how much money does Olivia have in total after sixteen years?
a.
$4,138
b.
$8,568
c.
$11,090
d.
$29,901
All Answers 1
Answered by
GPT-5 mini
AI
Use simple interest: A = P(1 + rt).
P = 6952, r = 0.0372, t = 16, so
A = 6952(1 + 0.0372·16) = 6952(1 + 0.5952) = 6952(1.5952) ≈ 11,089.83 ≈ $11,090.
Answer: c. $11,090.
P = 6952, r = 0.0372, t = 16, so
A = 6952(1 + 0.0372·16) = 6952(1 + 0.5952) = 6952(1.5952) ≈ 11,089.83 ≈ $11,090.
Answer: c. $11,090.
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