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3 years ago

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Amy invest $3,000 in a savings account that pays 2.35% simple annual interest .She makes no other deposits or withdrawals for 3.

5 years. Determine if each statement is true or false.
A. Amy's account will earn $246.75 in interest

B. Amy's account will be worth $2,753.25 after 3.5 years.

C. Amy's account would earn $15.75 more in interest if the annual interest rate were raised to 2.5%

1 answer:

Reil [10]3 years ago

5 0

A. The statement Amy's account will earn $246.75 in interest is True

B. The statement Amy's account will be worth $2,753.25 after 3.5 years

is False

C. Amy's account would earn $15.75 more in interest if the annual

interest rate were raised to 2.5% is True

Step-by-step explanation:

Simple interest rule is I = Prt , where I is the interest, p is the money

invested, r is the annual rate in decimal and t is the time

The given is:

1. The money invested is $3,000

2. The simple annual interest is 2.35%

3. The time is 3.5 years

∵ P = 3000

∵ r = 2.35 ÷ 100 = 0.0235

∵ t = 3.5

- Substitute these values in the rule above to find the interest

∴ I = 3000(0.0235)(3.5)

∴ I = 246.75

A. Amy's account will earn $246.75 in interest ⇒ True

To find the total money that Amy has after 3.5 years add the money

invested to the interest

∵ Total money = P + I

∵ P = 3000 and I = 246.75

∴ Total money = 3000 + 246.75

∴ Total money = 3246.75 dollars

B. Amy's account will be worth $2,753.25 after 3.5 years ⇒ False

∵ P = 3000

∵ r = 2.5 ÷ 100 = 0.025

∵ t = 3.5

- Substitute these values in the rule above to find the interest

∴ I = 3000(0.025)(3.5)

∴ I = 262.5

∵ I of 2.35% = 246.75

∴ The difference = 262.5 - 246.75 = 15.75

C. Amy's account would earn $15.75 more in interest if the annual

interest rate were raised to 2.5% ⇒ True

Learn more:

You can learn more about interest in brainly.com/question/12773544

brainly.com/question/1033449

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