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Ernestine deposited $6,800 into a savings account that earns 3.5% simple interest each year calculated annually. What is the future value of Ernestine's account after 16 years? A. $3,808 B. $10,608 C.
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Ernestine deposited $6,800 into a savings account that earns 3.5% simple interest each year calculated annually. What is the future value of Ernestine's account after 16 years?

A. $3,808
B. $10,608
C. $17,408
D. $7,038

User U Rock
by
8.4k points

2 Answers

5 votes

Answer:

$10,608

Explanation:

APEX;))

User Anjith K P
by
7.7k points
3 votes
The formula for the simple interest future worth is

F = P * (1 + ni)

where F is the future worth
P is the present worth of the money
n is the number of years
i is the interest rate

therefore, substituting values

F = 6800* (1 + 16* 0.035)
F = $ 10608
User Ilanchezhian
by
9.2k points
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