Janice put $5823.00 into a savings account that pays 2.25% interest. If she leaves that money in the account for 4 years, how much will the balence of her account be?

Given:

Principal value = $5823.00

Rate of interest = 2.25%

Time = 4 years

To find:

The amount in the account after 4 years.

Solution:

The formula for amount is

where, P is principal, r is rate of interest and t is time period.

Putting P=5823, r=2.25 and t=4 in the above formula.

Therefore, the amount in the according after 4 years is about $6365.024.

hey there!

if she's saving for six months, let's divide the total number we need for the trip by six, dividing it into the amount that needs to be saved for each month.

500 ÷ 6 =

she needs to save at least this amount each month, so we should use this symbol: ≥

let x be the amount she saves each month.

your final answer is x ≥

hope this !