SOLUTION: A wedding couple received $910 in gift money. they deposited it in an account that pays 5.2% simple interest, for 3 1/2 years. what is their ending balance
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Question 1061390: A wedding couple received $910 in gift money. they deposited it in an account that pays 5.2% simple interest, for 3 1/2 years. what is their ending balance Found 2 solutions by jorel555, MathTherapy:Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! If they deposit their money at 5.2% simple interest for 3-1/2 years, then:
5.2% x 3.5=18.2%
910 x (1.182)=$1075.62 ending balance. ☺☺☺☺
You can put this solution on YOUR website! A wedding couple received $910 in gift money. they deposited it in an account that pays 5.2% simple interest, for 3 1/2 years. what is their ending balance
This is a STUPID problem. If they leave that $910 in the account for years, the money will earn COMPOUND INTEREST, not SIMPLE INTEREST.
Now, if they should WITHDRAW the interest at the end of every year, then the interest earned would be on the $910, once they MAKE SURE THEY LEAVE $910 at the end of each interest period.
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