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Mr. & Mrs. Vick deposited $3,500 into a simple interest college savings account earning 6.5% annually when their son was born. How much money will be in the savings account when their son is 18 years old?

Respuesta :

$7595

Step-by-step explanation:

       Principal Amount = [tex]P[/tex] = [tex]\$3500[/tex] .

       Simple Interest Rate = [tex]6.5\%[/tex] .

[tex]Total\textrm{ }Amount=Principal+Interest=P+P\times i\times T[/tex]

Here [tex]T[/tex] is the Time period which is 18 years.

       [tex]\textrm{Total Amount = }\$3500+(\$3500)\times(6.5\times \frac{1}{100})\times (18yr)=\$7595[/tex]

∴ Total Amount in the savings account when their son gets 18 years old = [tex]\$7595[/tex]

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