Nicole deposits $2,136 in a savings account paying 5.36% interest. To the nearest dollar, how much money does Nicole have in tot
al after nine years? a. $213 b. $1,030 c. $1,272 d. $3,166
2 answers:
The answer to this question is D on e2020. I just took the test. :)
we know that
The simple interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
substitute in the formula above
Round to the nearest dollar
therefore
<u>the answer is the option D</u>
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