Question

Four years ago, Jennifer opened a saving account that earns 5% simple interest every year. She started the account with $650 and has not been touched the account since.

Answer 1

Answer:

$780

Step-by-step explanation:

Simple Interest Formula

$\boxed{\sf A = P(1 + rt)}$

where:

• A = Final amount.
• P = Principal amount invested.
• r = Interest rate (in decimal form).
• t = Time (in years).

Given:

• P = $650
• r = 5% = 0.05
• t = 4 years

Substitute the given values into the formula and solve for A:

$\implies \sf A=650(1+0.05(4))$

$\implies \sf A=650(1+0.2)$

$\implies \sf A=650(1.2)$

$\implies \sf A=780$

Therefore, the amount in the account now is $780.

Learn more about simple interest here:

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