Question

If you deposited $500 in an account that earned 3% interest each year, how much would you have in total after 5 years?

A
$75

B
$425

C
$575

D
$8,000

Answer 1

Answer:

I believe its C, have a good day!

Answer 2

Step-by-step explanation:

A = $575.00

I = A - P = $75.00

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 3%/100 = 0.03 per year.

Solving our equation:

A = 500(1 + (0.03 × 5)) = 575

A = $575.00

The total amount accrued, principal plus interest, from simple interest on a principal of $500.00 at a rate of 3% per year for 5 years is $575.00.