Question

Crystal has $350 in her account. She will receive 6.5% simple interest.
If she makes no deposits or withdrawals for a period of 5 years, how
much money will Crystal have in her account?

Answer 1

Based on the amount deposited and the interest rate as well as period, she will have $463.75.

Amount in 5 years

Simple interest means that the same interest amount is applied over the entire period of investment.

When using simple interest, you can find the amount as:

= Amount x ( 1 + rate x time)

Solving gives:

= 350 x ( 1 + 6.5% x 5)

= $463.75

In conclusion, she will have $463.75.

Find out more on simple interest at https://brainly.com/question/25793394.