Tracy deposited $59 into a bank account that earned 3.5% simple interest each year. No money was deposited into or withdrawn from the account.

How much money was in the account after 112 years?

Round your answer to the nearest cent. Which contributions

Answer

Find out the how much money was in the account after 1\frac{1}{2} years.

To prove

Formula

Simple\ interest = \frac{Principle\times Rate\times time}{100}

As given

Tracy deposited $59 into a bank account that earned 3.5% simple interest each year.

Principle = $59

Rate = 3.5 %

Time = 1\frac{1}{2}

i.e

Time = \frac{3}{2}

Time = 1.5 years

Put all the values in the equation

Simple\ interest = \frac{59\times 3.5\times 1.5}{100}

                                =  \frac{309.75}{100}[/tex]

                               = $3.1(approx)

Amount in the account = Principle + Simple interest

                                     = $59 + $ 3.1

                                     = $ 62.1

1 Dollar = 100 cent

Now convert $62.1 into cent.

= 62.1 × 100

= 6210 cent

Therefore the money in the account is 6210 cent .

-2 is the right