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Question

1. Steven $225 raking leaves in November and December. If he put it in a savings account at Christmas that pays a simple interest
rate of 6%, and makes no other desposits, how much money will he have in the account in a year?



How much will he have in two years?



How much will he have in seven years?

Answer 1

477 in one year
954 in two years
3339 in seven years

Answer 2

6/100=225/?
Put into fraction and solve by cross multiply because the problem said that Steven use $225 to pay a simple interest.
so 100*225:6=3750, that is the money he made in 1 year.
Fing the amount of money he made by use 3750*2=7500
7 years is 3750*7=26250. Get it?

Answer 3

The formula for finding simple interest is: Interest = Principal * Rate * Time. If $225 was deposited for 1 year at a 6% interest rate, the interest would be $225*(6/100)*1 = $13.50. Add that with the original amount deposited (225 + 13.50) and you get $238.50. Notice that I used 6/100 for interested rate instead of 6 because 6% = .06 not 6.

So after one year he has $238.50.

2 years: $252
7 years: $319.50

Answer 4

$225 + 6% = $238.50 in one year
$238.50 + 6 % = $252.81 in two years
267.98 in 3 years
284.06 in 4 years
301.10 in 5 years
319.17 in 6 years
338.316808273056 in 7 years. Figuring that banks round down, there will be $338.31 in seven years.

All of the previous answers are not correct. The bank keeps track of your balance to more than 2 decimal places. They report it to you rounded down, but if you have additional (fractional) amounts they do count towards your future interest, which has an effect on the 7 year answer.

Answer 5

s.i.=simple interest = principal amt*rate of int*no.of yrs/100

and the net amount = principal amt + simple int

1) for an year starting at christmas and ending at a day before next christmas:
s.i. = 225 *6 *1/100 = 13.50
so the net = 225 +13.5 = $238.5
2) for 2 yrs: s.i. = 225*6*3/100
3) 7yrs: s.i.=225 *6*7/100

Answer 6

What you do is multiply $225 times 1.06 to find out how much he has in a year. You multiply $225 times 1.06 times 1.06 to find out how much he has in two years, and so on.

In two years, he would have $252.81
In seven years, he would have $338.32

Now you understand the deal. If they wanted 5% interest, you'd multiply by 1.05, etc.

Answer 7

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Answer 8

$225*1.06=$238.50 in 1 yr
$238.50*1.06=$252.81 in 2 years.

Answer 9

let u1 be the money that he has initially
u_0 = 225
u_n = u_(n-1) (1 + 0.06) (dash here means subscript)

=> u1 = u0 (1+0.06) = 238.5
=> u2 = u1 (1 + 0.06) = 252.81
=> u3 = u2 (1 + 0.06 ) = 267.98
and so on to u7 = u6(1+0.06) = 338.32