Question

An account with an initial balance of $4000 earns 6.5% interest for 5 years.

What is the ending balance?
Enter your answer in the box. $.

Answer 1

5,300

Explanation:

Answer 2

The balance in the bank after 5 years of 6.5% interest is $5,300.

Explanation:

*Presuming that this is not a compounding interest the interest would just multiply by the even balance.*

So every 5 years the balance earns 0.065 of 4,000 dollars.

This would make our equation:

4000 + (4000 x .065 x 5 )

= 4000 + (1300)

= 5300

The balance in the bank after 5 years of 6.5% interest is $5,300.