Question

[PLEASE HELP! DUE IN 3 HOURS!]

In order to help her save money for college, Latasha's grandparents deposited $10,000 into a savings account five years ago. Latasha has not made any withdrawals or deposits since then. The interest rate on the savings account is 3.75% each year.
Using simple interest, how much interest has accrued in Latasha's savings account?

What is the total amount in Latasha's savings account?

Answer 1

$11,875

Explanation:

3.75×5 = 18.75%

`(18.75)/(100)`×10000 = 18.75 × 100 = 1875 (we cut the zeros so that it will be easier to solve the equation)

10,000 + 1875 = $11,875 after 5 years

$1875 has accrued in Latasha's savings account

$11,875 is the total amount in Latasha's savings account after 5 years