Tracy deposited $59 into a bank account that earned 3.5% simple interest each year. if no money was deposited into or withdrawn from the account, how much money was in the account after 112 years? round your answer to the nearest cent. enter your answer in the box.

$290.28

Step-by-step explanation:

We have been given that Tracy deposited $59 into a bank account that earned 3.5% simple interest each year.

To find money is account after 112 years we will use simple interest formula.

, where P is principle amount, r is interest rate in decimal form, t is number of years and A is amount after t years.

Let us substitute our given information in simple interest formula.

Therefore, amount in account after 112 years will be $290.28.