Answered

Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Zachary invests $400 into an account that eams 3.5% simple interest for 5 years. He does not make any other deposits or
withdrawals
At the end of 5 years, Zachary invests the entire account balance into a different account that eams 5% simple interest. He leaves the
money in the account for 2 years without making any additional deposits or withdrawals
What is the new account balance at the end of 2 years?
Drag and drop values into the boxes to correctly complete the statements
Zachary invests s
into the account that earns 5% simple interest. At the end of 2 years, the account balance iss

Zachary Invests 400 Into An Account That Eams 35 Simple Interest For 5 Years He Does Not Make Any Other Deposits Or Withdrawals At The End Of 5 Years Zachary In class=

Sagot :

Answer: He invests $470 and the balance is $517 at the end of 2 years

semsee45

Answer:

$470

$517

Step-by-step explanation:

Simple interest formula: A = P(1 + rt)

where A is the final amount, P is the principal amount, r is the annual rate interest (in decimal form), t is time (in years)

Zachary invests $400 into an account that earns 3.5% simple interest for 5 years.  So the account balance at the end of 5 years will be:

P = 400

r = 3.5% = 3.5/100 = 0.035

t = 5

⇒ A = 400(1 + 0.035 x 5) = 400 (1.175) = 470

So Zachary has $470 in his account after 5 years.

Now he is investing $470 into an account for 2 years earning 5% interest.  So the new account balance at the end of 2 years will be:

P = 470

r = 5% = 5/100 = 0.05

t = 2

⇒ A = 470(1 + 0.05 x 2) = 470(1.1) = 517

Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.