Question

Plz help me i really need it

Cheryl deposits $7500 into the bank. She cannot withdraw or deposit any more money for 6 years. She earns 6% interest during that time.


How much interest will she have earned at the end of 6 years? (just put the numerical value, no $ sign) it is 2700


What will her new balance be when she is finally able to withdraw her money? (just put the numerical value, no $ sign)

plz show work

Answer 1

Assuming the bank is using simple interest, and not compound interest, then

i = P*r*t

i = 7500*0.06*6

i = 2700

is the amount of money Cheryl earns in simple interest. This adds onto the original amount deposited (7500) to get 7500+2700 = 10200

Answer: 10200