18. Kim deposited $1422 in a savings account. How much would she have in the account after 5 years at an annual simple interest rate of 3%.
1422(1+.03*5) = ?
It'll be $1,635.3
213.3
To calculate the amount Kim would have in her savings account after 5 years with a 3% annual simple interest rate, you can use the formula:
A = P(1 + r * t)
Where:
A = Total amount after interest
P = Principal amount (initial deposit)
r = Interest rate (in decimal form)
t = Time period (in years)
In this case, Kim's initial deposit was $1422, the interest rate is 3% (or 0.03 as a decimal), and the time period is 5 years. Let's plug in these values into the formula:
A = $1422(1 + 0.03 * 5)
First, calculate 0.03 * 5:
0.03 * 5 = 0.15
Next, add 1 to 0.15:
1 + 0.15 = 1.15
Finally, multiply $1422 by 1.15:
A = $1422 * 1.15 = $1635.30
Therefore, Kim would have approximately $1635.30 in her savings account after 5 years at a 3% simple interest rate.