Answered: A principal amount of $365 is placed in…

A principal amount of $365 is placed in a savings account with an annual rate of 2.08% simple interest for 6 years. Which formula would correctly determine the total account balance?

PREALGEBRA

15th Edition

ISBN:9781938168994

Author:OpenStax

Publisher:OpenStax

Chapter5: Decimals

Section5.1: Decimals

Problem 91E: How does your knowledge of money help you learn about decimals?

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Question

A principal amount of $365 is placed in a savings account with an annual rate of 2.08% simple interest for 6 years. Which formula would correctly determine the total account balance?