jasmine has $174 in a savings account that earns 3.4% simple intrests per year. after 18 months how much will she have

Question

whats the answer

 

Answer 1

Hi Onalle

 

A =P + P*I*T = 174 + (174 * 3.4* T)/100 

 

Now the question is T= ? How much?

 For 1 year T = 1 

Will the interest accrue only after two years or monthly?

If monthly than T =( 1+0.5) ie 18 months

A = 174 + 8.87 = $182.87

 

If it accrues but paid annually then T = 1 only 

Answer 2

i=prt

i=(174)(3.4%)(18/12)

i=(174)(0.034)(1.5)

i=(5.916)(1.5)

i=$8.874

A=$174+$8.87

A=$182.87