Question

1.Use the simple interest formula to find the ending balance.

Answer 1

General formula to be used: $F=P(1+i)^n$
F = future worth; P = present worth, i = annual interest, n = years

1.) $F=5000(1+0.05)^{3.5}$
    F = $5931.06

2.) $3000+262.50=3000(1+i)^{3.5}$
     i = 2.43%

3.) $1300+299=1300(1+0.0575)^{n}$
     n = 3.7 = 4 years

4.) $F=315(1+0.015)^{3}$
     F = $329.39

5.) $P+5=P(1+0.0125)^{1212}$
     P = $1.45
     *I doubt the 1212 years. I think that is a typo error. Nevertheless, just           substitute the correct number of years to determine P :)

Answer 2

The answer of 1 is 5875.00 I took the quiz already