Question

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Answer 1

Answer:105.00

A = $105.00

I = A - P = $5.00

Equation:

A = P(1 + rt)

First, converting R percent to r a decimal

r = R/100 = 0.5%/100 = 0.005 per year.

Solving our equation:

A = 100(1 + (0.005 × 10)) = 105

A = $105.00

The total amount accrued, principal plus interest, from simple interest on a principal of $100.00 at a rate of 0.5% per year for 10 years is $105.00.