Question

by the end of the summer, sarah will earn 420 doing yard work if she deposits this amount in a savings account paying 3.5% simple annual intrest what will her bvalance be at the end of 5 years

Answer 1

493.50

Answer 2

http://www.latoro.com/16961-desktop-wallpapers-owlet-and-kittens.htm

Answer 3

\[A=P \left( 1+\frac{ r }{ n } \right)^{nt}\]

where "A" is the ending amount, "P" is the beginning amount (or "principal"), "r" is the interest rate (expressed as a decimal), "n" is the number of compoundings a year, and "t" is the total number of years.

Regarding the variables, n refers to the number of compoundings in any one year, not to the total number of compoundings over the life of the investment.

If it is compounded yearly, then n = 1; if it is compounded bi-annually, then n = 2; quarterly, n = 3… etc

Answer 4

so when applying this formula we have:
\[A = 420\left( 1+\frac{ 0.035 }{ 1 } \right)^{1 \times 5}\]

Answer 5

but that formula is for COMPOUNDED, you are being asked for SIMPLE INTEREST
meaning it is linear

Answer 6

\[I= Prt \]
\[(420 \times 0.035) \times 5 = ?\]
I: interest
P: Principal (the money deposited or invested
r: rate (in decimal form, if it is in percent divide it by 100 or move two decimal places to the left)
t: time (number of years you are being asked to accrue the interest