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Question 8 • OK-Algebra II B-CR

Is Joni correct? Explain.

Answer

Joni is not correct, because $230 is just the interest she will earn; she will have $430 total.

Joni is not correct; $230 will be her balance after 1 year. After 3 years, she will have $290.

Joni is not correct because she used the simple interest rate formula, not the compound interest rate formula. She will have $231.53.

Joni is correct. She correctly applied the I = P · r · t formula, and will have $230.

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