MATH SOLVE

4 months ago

Q:
# Zack deposited $1,200 in a savings account that paid 7.75% simple interest. What was the balance in his account at the beginning of the third year? a. $180 b. $270 c. $1,393.21 d. $1,470HELPPPPP ASAP AND GET BRAINEST

Accepted Solution

A:

The correct answer is: Option (C) $1393.21

Explanation:

At the beginning of the Second year, the total balance would be:

$1200 + ($1200 * 7.75 / 100) = $1293

At the beginning of the Third year, the total balance would be:

$1293 + ($1293 * 7.75 / 100) = $1393.21 (Option C)

Explanation:

At the beginning of the Second year, the total balance would be:

$1200 + ($1200 * 7.75 / 100) = $1293

At the beginning of the Third year, the total balance would be:

$1293 + ($1293 * 7.75 / 100) = $1393.21 (Option C)