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15 June, 03:38

Ernestine deposited $6,800 into a savings account that earns 3.5% simple interest each year calculated annually. What is the future value of Ernestine's account after 16 years?

A. $3,808

B. $10,608

C. $17,408

D. $7,038

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Answers (1)
  1. 15 June, 03:53
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    The formula for the simple interest future worth is

    F = P * (1 + ni)

    where F is the future worth

    P is the present worth of the money

    n is the number of years

    i is the interest rate

    therefore, substituting values

    F = 6800 * (1 + 16 * 0.035)

    F = $ 10608
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