Chenelle has a savings account that earns 5% simple interest each year. She can only deposit small amounts into her account each month. Should Chenelle keep her account open even though she can deposit only a small amount each month?

5% may not seem like a lot. Lets say she deposits $20 per month. That's $240 a year. Lets also say you keep this for 6 years, you'll have $72 from interest. The more amount she puts in the more she'll gain.

First, converting R percent to r a decimal

r = R/100 = 5%/100 = 0.05 per year,

then, solving our equation

I = 240 × 0.05 × 6 = 72

I = $ 72.00

The simple interest accumulated

on a principal of $ 240.00

at a rate of 5% per year

for 6 years is $ 72.00.

andromache andromache · Answer 2 · 2022-04-14T12:37:22+02:00

Yes, she should keep her account open even though she can deposit only a small amount each month.

Calculation of keeping the account:

Since Chenelle has a savings account that earns 5% simple interest each year.

So here we assume that she deposit $20 per month

So for year it should be 240

And the number of years should be 6 so the interest be like 72

Now

I = 240 × 0.05 × 6

I = 72

Hence, Yes, she should keep her account open even though she can deposit only a small amount each month.

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