Question

aaliyah placed $50 in a savings account with an annual simple interest rate of 3.5%. If there were no other deposits or withdrawals, what would the total balance be after 20 years?

Answer 1

Answer:

Step-by-step explanation:

P =$  50

t = 20 years

r = 3.5%

I = Prt

$=50*\frac{3.5}{100}*20$

=5 * 3.5 * 2

= $ 35

Total balance = P + I = 50 + 35 = $ 85

Answer 2

Answer:

The total balance is $85.

Step-by-step explanation:

Given that the formula of Simple Interest is I = (prt)/100 where I represents interest amount, p is principle, r is rate interest and t is number of years :

$I = \frac{p \times r \times t}{100}$

Let p = $50,

Let r = 3.5%,

Let t = 20 years,

$I = \frac{50 \times 3.5 \times 20}{100}$

$I = \frac{3500}{100}$

$I = 35$

We have found out that the interest amount is $35. So the total amount in the saving account after 20 years is :

$50 + $35 = $85