Simple interest problem: How much money is in an account after 9 years and 3 months if you initially deposit $275, with a simple interest of 4.2%. Interest is added four times a year.
| Initial deposit | 275 | ||||||
| Annual rate of interest | 4.20% | ||||||
| Quarterly rate of interest | 1.05% | ||||||
| Periods in quarter (9*4+1) | 37 | ||||||
| Total Simple interest = 275*1.05% *37 = 106.84 | |||||||
| Total Amount in account after 9yrs 3months = 275 + 106.84 = 381.84 | |||||||
Simple interest problem: How much money is in an account after 9 years and 3 months...