Question

Corey deposits $3500 a bank which pays 3%

interest per year. How much money will John have in
his account after 10 years?

Answer 1

35,000

Explanation:

Answer 2

Corey will have $4550.00 in is account after 10 years.

Explanation:

This is simple interest. Here is the formula for simple interest.

`A=P(1+r*t)`

A = Final Amount

P = Principal Amount

R = Interest Rate

T = Time

We are given values for P, r, and t. Lets solve for A.

To get 3 percent as a decimal divide it by 100. We get 0.03.

`P=3500`

`r=0.03`

`t=10`

`A=3500(1+0.03*10)`

`A=3500(1+0.30)`

`A=3500(1.30)`

`A=4550`