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OlgaM077 [116]
3 years ago
10

Each year on the same day, Susan deposits $175 into a saving account that earns simple interest at a rate of 3.5%. She makes no

withdrawals. How much interest does Susan's account earns after 5 years?EXPLAIN SHOW YOUR WORK
A. $18.38
B. $30.65
C. $61.25
D. $91.89

PLZ EXPLAIN I NEED TO UNDERSTAND I HAVE OTHER SIMILAR QUESTIONS SO I NEED TO KNOW HOW TO DO IT THANKS!
Mathematics
1 answer:
igomit [66]3 years ago
3 0
The amount after time t will be given by simple interest formula given by:
A=prt/100
where:
principle,p=$175
rate, r=3.5%
time, t=5 years
thus the rate earned after 5 years will be:
A=(175*3.5/100*5)
A=$30.625
Answer: B] 30.65

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<em>Additional comments</em>

This is a product your scientific or graphing calculator can produce for you. Likely it will display the result in scientific notation because it won't have enough display digits to show you the product any other way. For smaller numbers, you can set the display mode to give you scientific notation.

If you choose to use a spreadsheet to perform this calculation, the numbers would be entered as 1.2e19 and 5.88e12. The result will be something like 7.056e31. You may have to format the display to show 3 decimal places.

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