Answer
Find out the how much money was in the account after \(1\frac{1}{2}\) years.
To prove
Formula
\(Simple\ interest = \frac{Principle\times Rate\times time}{100}\)
As given
Tracy deposited $59 into a bank account that earned 3.5% simple interest each year.
Principle = $59
Rate = 3.5 %
\(Time = 1\frac{1}{2}\)
i.e
\(Time = \frac{3}{2}\)
Time = 1.5 years
Put all the values in the equation
\(Simple\ interest = \frac{59\times 3.5\times 1.5}{100}\)
= \frac{309.75}{100}[/tex]
= $3.1(approx)
Amount in the account = Principle + Simple interest
= $59 + $ 3.1
= $ 62.1
1 Dollar = 100 cent
Now convert $62.1 into cent.
= 62.1 × 100
= 6210 cent
Therefore the money in the account is 6210 cent .
