Question

Tracy deposited $59 into a bank account that earned 3.5% simple interest each year. If no money was deposited into or withdrawn from the account, how much money was in the account after ​ 112112 ​ years? Round your answer to the nearest cent.

Answer 1

I will assume that this is for 112 years thus, I will solve for that.

First, we need to find out how much money is accrued in interest to be able to determine how much will be in the account after the 112 years. To do this, we'll multiply all of our variables. However, we need to change the percent into a decimal. To do this, move the decimal 2 places to the left. That will leave us with 0.035. Now we can multiply.

59 x 0.035 x 112= 231.28

This shows us that in 112 years, the amount of interest accrued will be $231.28. Now, we'll just add it to the principle amount.

59 + 231.28= 290.28

Therefore, at the end of 112 years, she will have left in the account $290.28.