Question

If $200 is invested at 3.5% simple interest for 6 years, what will be the total amount of money in the investment account at the end of the 6 years?

Answer 1

I=200*0.035*6= 42 ==> tital amount =242

Answer 2

If $490 is invested in an account that earns 8%, compounded annually, what will the account balance be after 5 years? (Round your answer to the nearest cent.)