Question

Glados has a savings account with $700 in it that earns 7.9% simple interest per year. How much money, to the nearest penny, will Glados have in 5 years?​

Answer 1

To calculate the amount of money Glados will have in 5 years with simple interest, we can use the formula:

A = P(1 + rt)

where A is the final amount, P is the principal (initial amount), r is the annual interest rate as a decimal, and t is the time in years.

In this case, P = $700, r = 0.079 (since 7.9% is 0.079 as a decimal), and t = 5 years. Substituting these values into the formula, we get:

A = 700(1 + 0.079 x 5)

A = 700(1 + 0.395)

A = 700(1.395)

A = $976.50

Therefore, Glados will have $976.50 in 5 years, to the nearest penny.