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
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.
