Question

You invest $5000 in an account at 5.5% per year simple interest. How much will you have in the account after 5 years? Round your answer to the nearest whole dollar.

A. $6252
B. $6507
C. $6375
D. $6138

Answer 1

simple interest = principal * interest rate * number of periods

Answer 2

plug in the values given

Answer 3

so $5000*5.5%*5

Answer 4

correct, so what does that equal?

Answer 5

1375

Answer 6

yep add that to the principle to get the total in account after 5 years

Answer 7

c

Answer 8

looks correct to me

Answer 9

thx

Answer 10

yw