Mallory has a simple interest savings account that she initially deposited $2,300. What is the balance in her account after 25 months if the account paid an annual interest rate of 5.6% and the interest was deposited into the account monthly.
Mallory has a simple interest savings account that she initially deposited $2,300. What is the balance in her account after 25 months if the account paid an annual interest rate of 5.6% and the interest was deposited into the account monthly.
Enter the dollar sign, followed by the dollar amount including any cents. Round your answer to the nearest cent. No space between the dollar sign and the number. Do not use a comma. Example: $3468.42
The simple interest balance function can be written in it's most general form:
where P is the initial principal, r is the annual interest rate, n is the number of time units per year (days n=365, months n=12, years n=1) that the interest is deposited into the account, and t is the total number of time units (days, months, years)
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