Nia puts 750 into a savings account. the simple interest rate for savings account is 3%. If nia does not withdraw or deposit any additional money, how much money will nia's account at the end of 2.5years
To calculate the amount of money in Nia's account at the end of 2.5 years, we can use the formula for simple interest:
Interest = Principal * Rate * Time
Where:
Principal = $750
Rate = 3% = 0.03 (in decimal form)
Time = 2.5 years
Plugging in the values, we get:
Interest = $750 * 0.03 * 2.5 = $56.25
To find the total amount in Nia's account at the end of 2.5 years, we add the interest to the principal:
Total amount = Principal + Interest = $750 + $56.25 = $<<750+56.25=806.25>>806.25
Therefore, Nia will have $806.25 in her account at the end of 2.5 years.