Question

Irma has $60,000 in a savings account that earns 4% interest per year. How much will she have in 9 months?

Answer 1

Given:

Amount = 60000

Interest rate = 4% per yaer

Find: she have in 9 months.

Sol:.

In 12 month 4% interest rate then amount is:

$\begin{gathered} In\text{ 12 month value =}\frac{104}{100}\times60000 \\ =62400 \end{gathered}$

In 12 month amount is 62400

$\begin{gathered} =62400-60000 \\ =2400 \end{gathered}$

In 12 mounth amount increasses is 2400

so in 9 month:

$\begin{gathered} =\frac{2400}{12}\times9 \\ =1800 \end{gathered}$

After 9 month amount is:

$\begin{gathered} \text{Amount}=60000+1800 \\ =61800 \end{gathered}$