Question

Use the simple interest formula (I=PxRxT and Account= P+I) to find the interest joe will earn if he deposits $2500 in an account that makes 4.5% simple interest annually for 6 years. what will be his account balance at the end of 6 years?

Answer 1

Answer:

$3175

Step-by-step explanation:

Substitute the equation with the numbers.

Interest = P x R x T

Interest = 2500 x 0.045 x 6

I = 675

Add the interest amount with the original amount.

675 + 2500 = 3175

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