Faye will have $1704.00 total money in her account.
She earned $504.00 interest for 7 years.
(She earned $144 for 2 years, divide in half $72 a year= $72×7=$504
Answer:
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Answer:
Given: Principal(P) = $ 5000 , T = 3.5 years and R = 5%.
Using the formula of Simple Interest (I) given by;
.......[1] , where P is the Principal amount of money to be invested, R be the rate of interest and T be the time.
Substitute the given values of P , R and T in [1] we have;


Simplify:

An Ending balance is calculated by subtracting cash outflows, interest paid for financing and principal paid on financing.
Ending Balance = $ 5000 + $ 175 = $ 5,175.
Therefore, the ending balance is $ 5,175
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