frank invested $5000 at 3% simple interest. part 1 of 2 (a) how much interest will he earn each year? the…

frank invested $5000 at 3% simple interest. part 1 of 2 (a) how much interest will he earn each year? the amount of interest earned each year is $150. part: 1 / 2 part 2 of 2 (b) what will be the total value of the account after five years? the total value of the account after five years is $

frank invested $5000 at 3% simple interest. part 1 of 2 (a) how much interest will he earn each year? the amount of interest earned each year is $150. part: 1 / 2 part 2 of 2 (b) what will be the total value of the account after five years? the total value of the account after five years is $

Answer

Explanation:

Step1: Calculate total interest in 5 years

The annual interest is $150$. For 5 years, total interest $I = 150\times5$. $I=150\times5 = 750$

Step2: Calculate total account value

The initial investment $P = 5000$. The total value $A$ of the account is the sum of the initial investment and the total interest. $A=P + I=5000 + 750$ $A = 5750$

Answer:

$5750$