Question

savings charlyne deposited $3400 into a savings account that has an annual simple interest rate of 0.2%. find the amount in the savings account after the number of years. 2 years $ 5 years $ 8 years $

Explanation:

Step1: Recall simple interest formula

The total amount \( A \) for simple interest is \( A = P(1 + rt) \), where \( P = 3400 \), \( r = 0.002 \) (converted from 0.2%).

Step2: Calculate amount for 2 years

Substitute \( t=2 \):
\( A = 3400(1 + 0.002 \times 2) = 3400(1.004) = 3413.60 \)

Step3: Calculate amount for 5 years

Substitute \( t=5 \):
\( A = 3400(1 + 0.002 \times 5) = 3400(1.01) = 3434.00 \)

Step4: Calculate amount for 8 years

Substitute \( t=8 \):
\( A = 3400(1 + 0.002 \times 8) = 3400(1.016) = 3454.40 \)

Answer:

2 years: $\$3413.60$
5 years: $\$3434.00$
8 years: $\$3454.40$