Question

2. Chaleah deposited 700$ in a new account that earns 5% simple interest. After 4 years,

how much interest will she have earned? How much total money will Chaleah have after
4 years
a. Interest:
b. Total:

Answer 1

Interest earned: $150.85

Total amount: $850.86

Explanation:

Y=700(1.05)^4

Put the right side of the equation into a calculator and get

850.85 that's your total, so to get the amount earned subtract the original 700 from it and get 150.85