Question

Humberto deposited $50 in a new account at his bank. The bank pays 5.3% annual simple interest on this account. Humberto makes no additional deposits or withdrawals. How much money will be in his account at the end of 5.5 years?

Answer 1

$58.415

Explanation:

Initial value: 50 dollars

Independent variable: 5.3%

Dependent variable: Y

This equation can be written in slope intercept form:

`y=mx+b`

`y= 1.53x+50`

x= the number of years

`y= 1.53(5.5)+50`

`y=8.415+ 50`

`y= 58.415`