Question

You deposit $4600 in an account that earns 3% per year simple interest. The

equation that represents this situation is:
A(n) = 4600+ (n-1)(0.03 4600)
How much will you have in the account at the beginning of the 9th year?
Round your answer to the nearest dollar.
OA. $5704
OB. $5842
OC. $4738
OD. $4710

Answer 1

at the beginning of the 9th year, meaning at the end of the 8th year, or we can say 8 years later.

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$4600\\ r=rate\to 3\%\to (3)/(100)\dotfill &0.03\\ t=years\dotfill &8 \end{cases} \\\\\\ A = 4600[1+(0.03)(8)] \implies A = 4600(1.24) \implies A = 5704`