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Nicole deposits $2,136 in a savings account paying 5.36% interest. to the nearest dollar, how much money does nicole have in total after nine years?
Nicole deposits $2,136 in a savings account paying 5.36% interest. to the nearest dollar, how much money does nicole have in total after nine years?a. $213
b. $1,030
c. $1,272
d. $3,166 please select the best answer from the choices provided
Answer : The correct option is, (d) $3166Step-by-step explanation :Given:Principle = $2136Rate = 5.36 %Time = 9 yearsFirst we have to determine the simple interest.Formula used :where,P = principleR = interest rateT = timeS.I = simple interestNow put all the given values in the above formula, we get:Now we have to calculate the total amount nicole have after nine years.Amount = Principle + Simple interestAmount = $2136 + $1030.4Amount = $3166.4Amount ≈ $3166Thus, the total amount nicole have after nine years is, $3166...
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