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Vance invests $15,000\$15,000 in an account that pays 3.25%3.25\% simple interest for 7272 months. Assuming Vance doesn’t make any other deposits or withdraws, how much will be in his account after 7272 months?

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Q. Vance invests $15,000\$15,000 in an account that pays 3.25%3.25\% simple interest for 7272 months. Assuming Vance doesn’t make any other deposits or withdraws, how much will be in his account after 7272 months?
  1. Identify values: Identify the principal amount, the rate of interest, and the time period for the investment.\newlinePrincipal amount PP = $15,000\$15,000\newlineRate of interest RR = 3.25%3.25\%\newlineTime TT in years = 7272 months / 1212 months per year = 66 years
  2. Calculate simple interest: Calculate the simple interest using the formula I=P×R×T/100I = P \times R \times T / 100.\newlineInterest (II) = $15,000×3.25%×6\$15,000 \times 3.25\% \times 6\newlineConvert the percentage to a decimal by dividing by 100100.\newlineInterest (II) = $15,000×0.0325×6\$15,000 \times 0.0325 \times 6
  3. Perform multiplication: Perform the multiplication to find the interest.\newlineInterest (I) = $15,000×0.0325×6\$15,000 \times 0.0325 \times 6\newlineInterest (I) = $2,925\$2,925
  4. Calculate total amount: Calculate the total amount in the account after 7272 months by adding the interest to the principal amount.\newlineTotal amount = Principal amount + Interest\newlineTotal amount = $15,000+$2,925\$15,000 + \$2,925
  5. Perform addition: Perform the addition to find the total amount.\newlineTotal amount = $15,000+$2,925\$15,000 + \$2,925\newlineTotal amount = $17,925\$17,925

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