Xavier opened a savings account at the bank and deposited $220. The bank pays 3.7% simple interest every quarter (3 months). How much money will Xavier have in his bank account after 3 months?
Show or explain your work.
explain how a 12 year old would.
First, Xavier deposited $220 into his savings account.
Then, the bank pays 3.7% simple interest every quarter. This means that every 3 months, Xavier will earn 3.7% of his initial deposit as interest.
To calculate the interest earned after 3 months, we first find 3.7% of $220:
3.7% of $220 = 0.037 x $220 = $8.14
So after 3 months, Xavier will earn $8.14 in interest.
To find out how much money Xavier will have in his bank account after 3 months, we add the interest earned to his initial deposit:
$220 (initial deposit) + $8.14 (interest earned) = $228.14
Therefore, after 3 months, Xavier will have a total of $228.14 in his bank account.