SOLUTION: suppose you deposit $640 into an account which earns 2.5% annual interest.Explain how you find the balance after one year.
Algebra.Com
Question 581688: suppose you deposit $640 into an account which earns 2.5% annual interest.Explain how you find the balance after one year.
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
2.5% of $640 is 0.025*640 = 16 dollars
So in the first year, you've earned $16 in interest.
Add this to the current balance of $640 to get 640 + 16 = 656
So the balance after one year is $656
RELATED QUESTIONS
you deposit $1400 into an account that pays 3% annual interest compounded continuously... (answered by lynnlo)
if you deposit 4500 in an account that earns 3.5% annual interest, whats the balance... (answered by rfer)
1)Suppose you invest $150 at the end of each month for 6 years into an account earning 6% (answered by ikleyn)
You deposit $1400 in an account that pays 3% annual interest compounded continuously.... (answered by solver91311)
You deposit $1200 into a savings account that earns 3% interest compounded anually.... (answered by checkley71)
How much must you deposit into an account that pays 8.75% annual interest, compounded... (answered by ikleyn)
$2,000 is deposited into an account that pays 8% annual interest, compounded monthly.... (answered by checkley77)
You deposit 500 in an account that pays 5% annual interest compounded continuously. What... (answered by lwsshak3)
you deposit $3000 in an account that pays 6% annual interest. find the balance after 2... (answered by palanisamy)