Sam deposits $1,000 into an account that pays 6% simple interest annually. He plans to take the money out after 3.5 years. What will the balance in his account be after 3.5 years?

Well, the formula for simple interest is
I = p r t
"I" is interest, "p" is the principal, "r" is the rate, and "t" is the time.
If you substitute the numbers, you get
I = 1 , 000 ( 0.06 ) ( 3.5 )
When you multiply them together, you get
I = 210
So, the simple interest for 3.5 years is $210.
But, in order to get the total balance, you have to add the interest and the principal together.
B = 1000 + 210 B = 1210
So, the balance after 3.5 years is $1,210.

Answered by Anonymous | 2024-06-10

$1210 ;

Answered by Anonymous | 2024-06-13

Sam deposits $1,000 into an account with 6% simple interest. After 3.5 years, the total interest earned is $210, making the balance in the account $1,210. Therefore, Sam will have $1,210 in his account after 3.5 years.
;

Answered by Anonymous | 2024-09-30