Lori deposited $390 into a savings account. She earns 5.8 of interest each year. What will be her new balance after the first year?

Anonymous
timer Asked: Oct 30th, 2015
account_balance_wallet $5

Question Description

Lori deposited $390 into a savings account. She earns 5.8 interest each year. What will be her new balance after the first year??  PLEASE HELP!

Tutor Answer

Cronbach
School: UCLA

Thank you for the opportunity to help you with your question!

Amount=Principle*Time* Interest

=390*5.8%*1

=22.62 (the total interest per year)

therefore the balance will be;

390+22.62

=$412.62

Please let me know if you need any clarification. I'm always happy to answer your questions.

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Review

Anonymous
Excellent job

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