Question

Dylan deposited 15,000 in an account that pays 7.50% simple interest for 3.5 years. What is the ending balance in the account

Answer 1

The ending balance in the account is $18,937.5

Step-by-step explanation:

Simple Interest Equation (Principal + Interest)  is A = P(1 + rt), where:

• A is the future value of the investment/loan, including interest
• P is the principal investment amount  
• r is the annual interest rate in decimal)
• t is the time the money is invested or borrowed for

Dylan deposited 15,000 in an account that pays 7.50% simple interest for 3.5 years. We need to find the ending balance in the account

∵ Dylan deposited 15,000 in an account

∴ P = 15,000

∵ The account pays 7.5% simple interest for 3.5 years

∴ r = 7.5% = 7.5 ÷ 100 = 0.075

∴ t = 3.5

- Substitute all of these values in the rule above

∴ A = 15,000(1 + 0.075 × 3.5)

∴ A = 15,000(1 + 0.2625)

∴ A = 15,000(1.2625)

∴ A = 18,937.5

The ending balance in the account is $18,937.5

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