Question

By the end of the summer, Sarah will earn $420 doing yard work. If she deposits this amount in a savings account paying 3.5% simple annual interest, what will her balance be at the end of 5 years?

Answer 1

Okay, I'm pretty sure the equation for this is B=420(1+.035)^5. (I'm pretty sure that formula would be used here.) Just type that into a calculator (I lack one that works in this moment) and I think you should have your answer. If that's the wrong equation, then I'm sorry, I won't be able to help:P Hope it helps though  ^-^

Answer 2

If you use the equation for interest, you get $493.50