Question

Clay invet $3000 into an account that earn 0. 2% imple interet annually. Which tatement bet decribe the relationhip between the number of year Clay ha hi money inveted and the account balance in any year?

Answer 1

This is a question about the relationship between the number of years an amount is invested and the account balance using simple interest.

Step-by-step explanation:

In this scenario, Clay invests $3000 into an account that earns 0.2% simple interest annually. Simple interest is calculated by multiplying the principal amount (initial investment) by the interest rate and the number of years.

To find the relationship between the number of years and the account balance, we can use the formula for simple interest:

Simple Interest = Principal × Interest Rate × Time

So, the account balance after a certain number of years can be calculated using the formula:

Account Balance = Principal + Simple Interest

For each year, the account balance will increase by 0.2% of the initial investment. However, since simple interest does not compound, the account balance will increase at a constant rate each year.

Answer 2

F = 3000 + 6t

Step-by-step explanation:

I = Prt

F = P + prt

F = 3000 + 3000 × 0.002 × t

F = 3000 + 6t

where

F = future value of investment

t = number of years after the investment is made.