Question

Pls Help -

if you deposit 5,000 in a savings account, you will earn 6.5% simple interest over the first 10 years. How much will be in the account after a 10 year period ? (Hint: use the answer from part A : 3,250)

Answer 1

Answer: 8250

Explanation:

Multiply by 1.065 and subtract by 5000 to get 6.5% of 5000

1.065 * 5000 = 5325

5325-5000 = 325

6.5% of 5000 = 325

Multiply by 10 and add on value to 5000

325 * 10 = 3250

5000 + 3250 = 8250