Question

Ernestine deposited $6,800 into a savings account that earns 3.5% simple interest each year calculated annually. What is the future value of Ernestine's account after 16 years?

A. $3,808
B. $10,608
C. $17,408
D. $7,038

Answer 1

the formula is I = Prn

I = interest, P = principal, r = interest rate as a decimal and n = time periods

you have P = 6800, r = 3.5% or 0.035 and n = 16

this will only give the interest earned by the investment.

The future value is the principal + interest

hope this helps

Answer 2

so u don't know the answer?

Answer 3

I do... I've done the calculations... all you need to do is calculate

I = 6800 x 0.035 x 16

then add that amount to the principal... $6800

to get the futute value

Answer 4

so the answer may be b then lol

Answer 5

i think so

Answer 6

thats what u think is b

Answer 7

yeap... thats what I think

Answer 8

ok