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18. A couple is opening a savings account for a newborn baby. They start with
$3,450 received in baby gifts. If no deposits or withdrawals are made, what is
the balance of the account if it earns simple interest at 5% for 18 years?
I

Respuesta :

Answer:

I think you have to do ( 3,450 x .05 ) x 18

Sorry if i'm wrong.

Balance at end is $6,555

Given that;

Amount deposit in bank = $3,450

Rate = 5% = 0.05

Number of year = 18 year

Find:

Balance at end

Computation:

I = PRT

Balance at end = PRT + Amount deposit in bank

Balance at end = (3,450)(0.05)(18) + 3,450

Balance at end = 3,105 + 3,450

Balance at end = $6,555

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