Economics Assignment: Simple and Compounded Interest Use simple interest formula to solve the problems Anna deposited $460 into a savings account that pays 3.2% simple annual interest. In 5 years, how much interest did Anna earn? P - $460 , R - 3:2010 T - 5 46 6 x 32 /100 15 , 460 x 0, 032 *5 = $73. 60 Michael borrowed $375 for a new bicycle. He will pay the money back in 18 months with simple interest of 5.7%. How much interest will Michael pay back? Tameka borrowed $300 to buy a digital music player. She will pay the money back in 1 year at 5% simple interest. How much money will Tameka pay in interest? Victor deposited $2350 in a savings account that pays 4.5% simple annual interest. If Victor keeps the money in the account for 30 months, how much interest will he earn? Use compound formula to solve the problems Julio deposits $345 in an account that earns 3.1% interest compounded annually. How much money is in the account after 4 years? Kim deposits $650 in an account that earns 4% interest compounded annually. How much money is in the account after 2 years? Solve the problem using the compound interest formula. Jong deposits $500 in an account that earns 2.5% interest compounded annually and keeps the money in the account for 3 years. Monty deposits $500 in an account that earns 5.1% interest compounded annually and keeps the money in the account for 2 years. Who has more money when he closes his account