Find the balance in Myra's account after 1 year if her bank
paid 5.75% simple interest on her deposit of $6,000.
To find the balance after 1 year, we need to calculate the interest earned and add it to the initial deposit:
Interest earned = deposit x interest rate x time
In this case, Myra's deposit is $6,000, the interest rate is 5.75%, and the time is 1 year. Plugging these values into the formula, we get:
Interest earned = $6,000 x 0.0575 x 1 = $345
So the interest earned after 1 year is $345. To find the balance in Myra's account, we add this interest to the initial deposit:
Balance = deposit + interest earned = $6,000 + $345 = $6,345
Therefore, Myra's account balance after 1 year with a simple interest rate of 5.75% is $6,345.