Question

Carmelo puts $2,200.00 into savings bonds that pay a simple interest rate of 3.4%. How much money

will the bonds be worth at the end of 5.5 years?
A $7,136.80
C $2,611.40
B $2,552.20
D $411.40
оа А
Oь
Ос
Od
?

Answer 1

B. $2,611.40

Explanation:

Use the simple interest formula: I = PRT

Plug in 2200 for P (principal), .034 for R (rate) and 5.5 for T (time).