mia saves $900 in an account that earns 1% simple interest annually. what will her account balance be after…

mia saves $900 in an account that earns 1% simple interest annually. what will her account balance be after 5 years? interest = $45 balance = $?

mia saves $900 in an account that earns 1% simple interest annually. what will her account balance be after 5 years? interest = $45 balance = $?

Answer

Explanation:

Step1: Recall balance formula

The account - balance formula for simple interest is $A = P+I$, where $A$ is the final amount (balance), $P$ is the principal amount, and $I$ is the interest.

Step2: Identify principal and interest values

The principal amount $P=$900$ and the interest $I = $45$.

Step3: Calculate the balance

$A=900 + 45$

Answer:

$945$