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3 years ago

15

Maria put $500 into a savings account. She made no more deposits or withdrawals. The account earns 2% simple interest per year.

How much money will be in the account after 5 years?
$550

$5,000

$1,000

$50

1 answer:

lora16 [44]3 years ago

3 0

$550 500/100=5 | 5x2 (2%)= 10 | 10x5=50. 50 added to 500 is 550.

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Answer:

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Step-by-step explanation:

we know that

The simple interest formula is equal to

$I=P(rt)$

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest

t is Number of Time Periods

Let

x-----> the amount invested at 5%

50,000-x -----> the amount invested at 7%

so

$t=1\ year\\ I=\$2,720\\r_1=0.05\\r_2=0.07\\P_1=\$x\\P_2=\$(50,000-x)$

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solve for x

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therefore

The amount invested at 5% was $39,000 and the amount invested at 7% was $11,000

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Answer:

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