Question

Corey deposits $3500 a bank which pays 3%
interest per year. How much money will John have in
his account after 10 years?

Answer 1

Answer:

35,000

Step-by-step explanation:

Answer 2

Answer:

Corey will have $4550.00 in is account after 10 years.

Step-by-step explanation:

This is simple interest. Here is the formula for simple interest.

$A=P(1+r*t)$

A = Final Amount

P = Principal Amount

R = Interest Rate

T = Time

We are given values for P, r, and t. Lets solve for A.

To get 3 percent as a decimal divide it by 100. We get 0.03.

$P=3500$

$r=0.03$

$t=10$

$A=3500(1+0.03*10)$

$A=3500(1+0.30)$

$A=3500(1.30)$

$A=4550$