Tim’s savings account pays a simple annual interest rate of 3.5%. Suppose he deposits $5,500 in the account and makes no additio
nal deposits or withdrawals for 5 years. What will the total value of the account be after 5 years?
1 answer:
$6462.5
Simple Interest = (Principal × Rate × Time) / 100
SI = (P×R×T) / 100
P = 5500
R = 3.5
T = 5
[substitute the values into the formula]
SI = (5500 × 3.5 × 5) / 100
SI = 96250 / 100
SI = 962.5
Total = Principal + Simple Interest
T = P + SI
T = 5500 + 962.5
T = 6462.5
The total value of the account after 5 years will be $6462.5
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