Liam deposited $1,724.53 in a savings account 4 months ago. The account earns 3.1% simple interest. What is his account balance today?
Liam deposited $1,724.53 in a savings account 4 months ago. The account earns 3.1% simple interest. What is his account balance today?
1,724.53 x 0.031 =$53.46 simple interest earned in 1 year.
$53.46 / 12 =$4.46 simple interest in 1 month.
$4.46 x 4 =$17.84 simple interest earned in 4 months.
$1,724.53 + $17.84 =$1,742.37 balance of the account today.
