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 in Myra's account after 1 year with a 5.75% simple interest rate on her deposit of $6,000, we can use the formula for simple interest:
Simple Interest = Principal * Interest Rate * Time
In this case, the principal is $6,000, the interest rate is 5.75% (or 0.0575 as a decimal), and the time is 1 year. Plug in these values into the formula:
Simple Interest = $6,000 * 0.0575 * 1
= $345
The simple interest earned by Myra's account after 1 year is $345. To find the balance in her account, we need to add this interest to the principal:
Balance = Principal + Simple Interest
= $6,000 + $345
= $6,345
Therefore, the balance in Myra's account after 1 year would be $6,345.
To find the balance in Myra's account after 1 year, you can use the formula for simple interest:
Simple Interest = Principal * Interest Rate * Time
Given:
Principal (initial deposit) = $6,000
Interest Rate = 5.75% (or 0.0575 as a decimal)
Time = 1 year
Using the formula, we can calculate the simple interest:
Simple Interest = $6,000 * 0.0575 * 1
Simple Interest = $345
Now, to find the balance in Myra's account after 1 year, we need to add the simple interest to the initial deposit:
Balance = Principal + Simple Interest
Balance = $6,000 + $345
Balance = $6,345
Therefore, Myra's account balance after 1 year would be $6,345.
6,000 * 0.0575 = 345
$6,000 + 345 = ?