Answer:
The total balance is $85.
Step-by-step explanation:
Given that the formula of Simple Interest is I = (prt)/100 where I represents interest amount, p is principle, r is rate interest and t is number of years :
[tex] I = \frac{p \times r \times t}{100} [/tex]
Let p = $50,
Let r = 3.5%,
Let t = 20 years,
[tex]I = \frac{50 \times 3.5 \times 20}{100} [/tex]
[tex]I = \frac{3500}{100} [/tex]
[tex]I = 35[/tex]
We have found out that the interest amount is $35. So the total amount in the saving account after 20 years is :
$50 + $35 = $85
