1) gaby invested $100 into a savings account that earned simple interest at a rate of 1.5%. she plans to…

1) gaby invested $100 into a savings account that earned simple interest at a rate of 1.5%. she plans to keep the money in the account for the next ten years. how much would she have in the account at the end of ten years?

1) gaby invested $100 into a savings account that earned simple interest at a rate of 1.5%. she plans to keep the money in the account for the next ten years. how much would she have in the account at the end of ten years?

Answer

Explanation:

Step1: Identify the simple - interest formula

The formula for simple interest is $I = Prt$, where $P$ is the principal amount, $r$ is the interest rate (in decimal form), and $t$ is the time in years. The total amount $A$ in the account after $t$ years is $A=P + I=P(1 + rt)$.

Step2: Convert the interest rate to decimal

The interest rate $r = 1.5%=0.015$, the principal $P = 100$, and the time $t = 10$ years.

Step3: Calculate the total amount

Substitute the values into the formula $A=P(1 + rt)$. So $A = 100\times(1+0.015\times10)$. First, calculate $0.015\times10 = 0.15$. Then $1+0.15 = 1.15$. Finally, $A = 100\times1.15=115$.

Answer:

$115$