Kaj invests money in an account paying a simple interest of 1.2% per year. If she invests 90 and no money will be added or removed from the investment, how much will she have in one year, in dollars and cents?

Solution

Solution

Amount : 91.08

Solution steps

Translate the problem into an equation:

A = 90 (1 + 0.012 \cdot 1)

90 (1 + 0.012 \cdot 1) = 91.08

Amount : 91.08

Popular Examples

four fifths of a number is more than five Adam opened a savings account and deposited 100.00 as principal. The account earns 5% interest, compounded quarterly. How much interest will he earn after 6 years?Round your answer to the nearest cent.Four times a number, increased by 17, is 9 less than six times the number.200.00 as principal. The account earns 7% interest, compounded annually. What is the balance after 4 years?Find the time required for an investment of 5000 dollars to grow to 6900 dollars at an interest rate of 9.9 percent per year, compounded daily.