Question

Elizabeth invests money in an account paying a simple interest of 6.7% per year. If
she invests $170 and no money will be added or removed from the investment, how
much will she have in one year, in dollars and cents?

Answer 1

The amount of money she will have in one year, in dollars and cents is = $11.39

The total amount of money she invested is = $170

The interest rate per year = 6.7% per year

The period or time to receive the first payment = 1 year.

But ,

$simple \: interest = \frac{p \times t \times r}{100}$

$simple \: interest \: = \frac{170 \times 1 \times 6.7}{100}$

$\: \: \: \: \: \: \: \: \: \: = \frac{1139}{100}$

= $11.39

Therefore, the amount of money she will have in one year, in dollars and cents is = $11.39

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