contestada

Elijah trained dolphins all summer and put $5,000 of his earnings into a

savings account that pays him 3.5% simple interest. How much money

will Elijah have in TOTAL after 5 years? (Hint: Multiply PRT first, Then add it

back to P) *


A$5,875

B$8,750

C$587.50

Respuesta :

Answer:(a)

Step-by-step explanation:

Given

Principal amount [tex]P=\$ 5000[/tex]

Rate of interest [tex]R=3.5\ \%[/tex]

Time [tex]T=5\ years[/tex]

Simple interest in 5 years

[tex]S.I.=\dfrac{P\times R\times T}{100}[/tex]

[tex]S.I.=\dfrac{5000\times 3.5\times 5}{100}[/tex]

[tex]S.I.=875\ \$[/tex]

So total amount after five years[tex]=5000+875=\$ \ 5875[/tex]