Question

1.Use the simple interest formula to find the ending balance.

$5000 at 5% for 3.5 years.

Round your answer to the nearest cent.


2.Raul deposited $3000 into a bank account that earned simple interest each year. After 3.5 years, he had earned $262.50 in interest.

If no money was deposited into or withdrawn from the account, what was the annual interest rate?



3.Bonita deposited $1300 into a bank account that earned 5.75% simple interest each year. She earned $299 in interest before closing the account.

If no money was deposited into or withdrawn from the account, for how many years was the money in the account?

Round your answer to the nearest whole year.



4.Jackie deposited $315 into a bank account that earned 1.5% simple interest each year.

If no money was deposited into or withdrawn from the account, how much money was in the account after ​3​ years?

Round your answer to the nearest cent.



5.Vanessa deposited money into a bank account that earned 1.25% simple interest each year. After 1212 year, she had earned $5.00 in interest on the account.

If no other money was deposited into or withdrawn from the account, how much was her initial d

Answer 1

the answer of 1 is 5875.00 I took the quiz already

Answer 2

General formula to be used:
`F=P(1+i)^n`
F = future worth; P = present worth, i = annual interest, n = years

1.)
`F=5000(1+0.05)^(3.5)`
F = $5931.06

2.)
`3000+262.50=3000(1+i)^(3.5)`
i = 2.43%

3.)
`1300+299=1300(1+0.0575)^(n)`
n = 3.7 = 4 years

4.)
`F=315(1+0.015)^(3)`
F = $329.39

5.)
`P+5=P(1+0.0125)^(1212)`
P = $1.45
*I doubt the 1212 years. I think that is a typo error. Nevertheless, just substitute the correct number of years to determine P :)