What is the value of r
2 answers:
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Answer:
The amount in the account in the beginning of the 6th year is $6375 .
Step-by-step explanation:
Formula
As given
You invest $5000 in an account at 5.5% per year simple interest.
Principle = $ 5000
Rate = 5.5 %
Time = 5 years
(As calculate amount in the account for beginning of 6th year.)
Putting all the values in the formula
Simple interest = $ 1375
Amount = Principle + Simple interest
Putting values in the above formula
Amount = $5000 + $1375
Amount = $ 6375
Therefore the amount in the account in the beginning of the 6th year is $ 6375 .