Question

You invest $5000 in an account at 5.5% per year simple interest. how much will you have in the account after 6 years?

Answer 1

Answer:$6375.00 is the correct answer

Step-by-step explanation:

Answer 2

Simple interest means that you only need to find the interest once and then keep adding it on every year. In this case, the interest would be 5.5% of $5000 every year, which is 275.
In 6 years, you'll have $1650, which is the amount earned from interest, plus $5000, which is the original investment.

So you'll have $6650 in 6 years.