Question

Sara deposited $390 into the bank. She earned 3% simple interest. What is her balance after 5 years?

Answer 1

The Answer Is: 448.50 Just did the question

Explanation:

Answer 2

$448.50

General Formulas and Concepts:

Pre-Algebra

• Order of Operations: BPEMDAS

Statistics

Simple Interest Rate Formula: A = P(1 + rt)

• A is final amount
• P is principal amount
• r is rate
• t is time (in years)

Explanation:

Step 1: Define variables

P = 390

r = 0.03

t = 5

Step 2: Find A

1. Substitute: A = 390(1 + 0.03 · 5)
2. Multiply: A = 390(1 + 0.15)
3. Add: A = 390(1.15)
4. Multiply: A = 448.50

And we have our final answer!