what is the balance after 1 year in a savings account with an initial investment of $925 and a 6% simple…
what is the balance after 1 year in a savings account with an initial investment of $925 and a 6% simple interest rate? interest = $55.50 balance = $?
Answer
Explanation:
Step1: Recall balance - interest formula
The balance $B$ in a savings account with simple - interest is given by $B = P+I$, where $P$ is the principal (initial investment) and $I$ is the interest.
Step2: Identify values of $P$ and $I$
We are given that $P = 925$ and $I = 55.50$.
Step3: Calculate the balance
$B=925 + 55.50=980.5$
Answer:
$980.5$