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27 April, 02:07

You invest $5000 in an account at 5.5% per year simple interest. How much will you have in the account after 5 years? Round your answer to the nearest whole dollar.

a. $6252

b. $6507

c. $6375

d. $6138

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Answers (1)
  1. 27 April, 02:18
    0
    Simple Interest = PRT/100

    5000 x 5.5 x 5 / 100 = $1375

    $5000 + $1375 = $6375

    Ans: C
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