Question

​Principal, ​$5000​; Annual interest​ rate, 5.2​%; ​time, 3 years
How much balance after 3 years

Answer 1

Answer:

5780

Explanation:

Using the formula i = prt we first solve for the amount of interest accumulated over the 3 year time period.

$i = prt\\i = 5000(5.2)(3)\\i = 5000(15.6)\\i = 780.00$

So now we know that we accumulated $780.00 worth of interest  over the 3 year time period. Now, in order to find out how much is in the account we ad the amount of interest to the principle. Or, solve i + p = b

$i + p = b\\780.00 + 5000 = b\\780.00 + 5000 = 5780$

So, the balance will be 5780 after 3 years.