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trasher [3.6K]
2 years ago
15

Brian deposits $7000 into an account that pays simple interest at an annual rate of 3%. He does not make any more deposits. He m

akes no withdrawals until the end of 5 years when he withdraws all the money. Answer the following questions. If necessary, refer to the list of financial formulas. (a) How much total interest will Brian earn? $ (b) What will the total amount in the account be (including interest)?
Mathematics
1 answer:
Andre45 [30]2 years ago
4 0

Answer:

A)1050

B)8050

Step-by-step explanation:

to find interest we use the formula A= P(1+rt) where P is the initial investment, r is the rate percent, and t is the time interval

for this question we have A=7000(1+3(5)) which gives 8,050 dollars which is the answer to part B

for part A we simply subtract the answer from B from the initial investment so 8050 - 7000 = 1050 made from interest

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