SOLUTION: Mia has $950 in a savings account that earns 2% annual simple interest. How much money will be in her account if she does not make any deposits or withdrawals in 18 months?

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Question 983586: Mia has $950 in a savings account that earns 2% annual simple interest. How much money will be in her account if she does not make any deposits or withdrawals in 18 months?
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


For simple interest:



and



So



Where

represents the Future Value, represents the present value, represents the interest rate expressed as a decimal, and represents the duration of the investment in years. Plug in your numbers and do the arithmetic.

John

My calculator said it, I believe it, that settles it