makaylachevalier makaylachevalier
  • 15-04-2020
  • Mathematics
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2. Amy deposits $100 into an account that earns simple interest at an annual rate of 8%. How much will be in her account after 5 years? *

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qop
qop qop
  • 23-04-2020

Answer:

$140

Step-by-step explanation:

We can use the simple interest formula for this:

[tex]A = P (1 + rt)[/tex]

P = initial balance

r = annual interest rate

t = time

First, change 8% into its decimal form:

8% -> [tex]\frac{8}{100}[/tex] -> 0.08

Now, lets plug in the values:

[tex]A=100(1+(0.08)(5))[/tex]

[tex]A=140[/tex]

Amy will have $140 in her account after 5 years.

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