Question

You have a saving account the offers an annual simple interest rate of 5%. You put $350 into the account. Select the graph showing the the total interest you earn after 1, 2, 3, and 4 years.

Answer 1

I=prt
After one year
I=350×0.05×1=17.5
After two years
I=350×0.05×2=35
After three years
I=350×0.05×3=52.5
After four years
I=350×0.05×4=70