Question

Sylvia deposits $50 into a savings account with a 2% interest rate. Using the formula for simple interest, how much will she have in the account in 5 years?

Answer 1

It's about 54.1324

You use the simple interest rate formula (that i learned)

A= (1+rt)

A is the final amount

P is the principal (original amount)

t is time

r is the interest rate

Answer 2

Amount in Sylvia's deposit after 5 year = $55

Simple interest formula:

Given that;

Amount deposit by Sylvia = $50

Rate of interest = 2%

Time taken = 5 year

Find:

Amount in Sylvia's deposit after 5 year

Computation:

Using Simple interest formula;

Amount in Sylvia's deposit after 5 year = P + PRT

Amount in Sylvia's deposit after 5 year = 50 + (50)(2%)(5)

Amount in Sylvia's deposit after 5 year = 50 + 5

Amount in Sylvia's deposit after 5 year = $55

Find out more information about 'Simple interest'.

https://brainly.com/question/2793278?referrer=searchResults