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Chapter 8: Q36. (page 406)

For an account that earns simple annual interest, find the interest and the balance of the account.

P=$4200,r=5%,t=7.5years

Short Answer

Expert verified

Interest: $1575

Balance of the account: $5775

Step by step solution

01

Step 1. Given Information.

Account details: P=$4200,r=5%,t=7.5years

02

Step 2. Concept Used.

Simple interest formula - I=P路r路t, where,

I = Amount of interest,

P = Principal amount,

r= Annual interest rate in decimal form,

t = Time in years.

03

Step 3. Calculation.

Let us convert our given interest rate in decimal form as shown below:

5%=5100=0.05

Upon substituting our given values in simple interest formula, we will get:

I=P鈰�r鈰�tSimpleinterestformulaI=$4200鈰�0.05鈰�7.5SubstitutinggivenvaluesI=$1575

Therefore, the amount of interest would be $1575.

We know that final amount is account is principal amount plus amount of interest.

Finalamount=Principal+AmountofinterestFinalamount=$4200+$1575Finalamount=$5775
04

Step 4. Conclusion.

The balance of the account would be $5775.

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