Question

Jesse deposits $3,500 account earning 5% simple interest . Fine the amount of interest earned and the total value of the account after 15 years .

Answer 1

Both interest and value 3776.24 and 7276.24

Explanation:

A= 3,500 ( 1+ 0.05)15 A= 3,500(1.05)15 = 2.0789

3,500 x 2.0789 = 7276.24

Interest earned: __7276.24 - 3,500 =_3776.24

Total value: ________$7276.24________________

Answer 2

amount of interest = $2625

total value of the account = $6125