a deposit of $7,912 is made into a new account that earns 5.75% simple interest. no additional deposits or…

a deposit of $7,912 is made into a new account that earns 5.75% simple interest. no additional deposits or withdrawals will be made for 2 years.\n\nwhich amount is closest to the balance in the account at the end of 2 years?\n\na $9,732\nb $7,924\nc $8,822\nd $8,848

a deposit of $7,912 is made into a new account that earns 5.75% simple interest. no additional deposits or withdrawals will be made for 2 years.\n\nwhich amount is closest to the balance in the account at the end of 2 years?\n\na $9,732\nb $7,924\nc $8,822\nd $8,848

Answer

Answer:

C. $8,822

Explanation:

Step1: Identify the simple interest formula

$$I = P \times r \times t$$

Step2: Substitute the given values

$$I = 7,912 \times 0.0575 \times 2$$

Step3: Calculate the total interest earned

$$I = 909.88$$

Step4: Calculate the total account balance

$$A = P + I = 7,912 + 909.88$$

Step5: Determine the final amount

$$A = 8,821.88$$

Step6: Select the closest option

$$8,821.88 \approx 8,822$$