Question

Elijah trained dolphins all summer and put $5,000 of his earnings into a

savings account that pays him 3.5% simple interest. How much money

will Elijah have in TOTAL after 5 years? (Hint: Multiply PRT first, Then add it

back to P) *


A$5,875

B$8,750

C$587.50

Answer 1

Answer:(a)

Explanation:

Given

Principal amount
`P=\$ 5000`

Rate of interest
`R=3.5\ \%`

Time
`T=5\ years`

Simple interest in 5 years

`S.I.=(P* R* T)/(100)`

`S.I.=(5000* 3.5* 5)/(100)`

`S.I.=875\ \$`

So total amount after five years
`=5000+875=\$ \ 5875`