Question

Humberto deposited $50 in a new account at his bank. The bank pays 5.3% annual simple interest on this account. Humberto makes no additional deposits or withdrawals. How much money will be in his account at the end of 5.5 years?

Answer 1

Answer:

$58.415

Step-by-step explanation:

Initial value: 50 dollars

Independent variable: 5.3%

Dependent variable: Y

This equation can be written in slope intercept form:

$y=mx+b$

$y= 1.53x+50$

x= the number of years

$y= 1.53(5.5)+50$

$y=8.415+ 50$

$y= 58.415$