Respuesta :
Answer:
Zachary invests $470 into the account that earns 5% simple interest. At the end of 2 years, the account balance is $517
Step-by-step explanation:
I took the test
The new account balance at the end of 2 years is $517.
Simple interest
5 years
Using this formula
I= (P+r×t)
Where:
I=Interest=?
P=Principal=$400
r=Interest rate=3.5%
t=Time=5 years
Hence:
I= ($400×0.035 x 5)
I= $70
2 years
I=Interest=?
P=Principal=$470
r=Interest rate=5%
t=Time=2 years
I=($470+0.05×2)
I=$47
New balance:
New balance=$400+$70+$47
New balance=$517
Inconclusion the new account balance at the end of 2 years is $517.
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