Question

Lindsey invests $250 in a bank account that pays 3% intersect each year. How much money will be in her account after one year?

Answer 1

Answer: $257.5

Step-by-step explanation:

Use the simple interest formula

I=Prt

3% = 0.03

I = ($250)(0.03)(1 year)

I = $7.5

Total Amount = Principle + Interest Accrued

= 250 + 7.5

TA = $257.5