Question

Use the simple interest formula to find the ending balance.

$4000 at 6.5% for 5 years.
Enter your answer in the box

Answer 1

Other people got 5300 but I got 4260

Explanation:

(1.00+.065) x 4000

1.065 x 4000

4260

Answer 2

`\boxed{\$5300}`

Explanation:

Put the numbers into the formula and do the arithmetic.

... A = P(1 +rt) = $4000(1 + 0.065·5) = $5300