Question

Alexa put $850 into savings account that earns 0.75% annual simple interest. If Alexa doesn’t make any deposits or withdrawals for 18 months, how much money will be in her account?

Answer 1

Principal= 850

rate = 0.75%

period = 18months

interest = 850x0.75%x18

= 850x0.0075x18

= 114.75

amount after 18 months

= 850+114.75 = $964.75