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home > 080 beginning algebra: scottsdale f15 > assessment\nunit 1 online homework\nscore: 65/100 answered: 20/29\nquestion 20\nsimple interest application\nsimple interest is given by the formula $a = p+prt$. where $a$ is the balance of the account after $t$ years, and $p$ is the starting principal invested at an annual percentage rate of $r$, expressed as a decimal.\nli invested $7100 in a savings account that pays 4.1% simple interest. he plans to leave it there for 28 years. determine what lis ending balance will be after 28 years. round your answer to the nearest hundredth.\nafter 28 years, li will have a balance of $ in his savings account.\nquestion help: video

home > 080 beginning algebra: scottsdale f15 > assessment\nunit 1 online homework\nscore: 65/100 answered: 20/29\nquestion 20\nsimple interest application\nsimple interest is given by the formula $a = p+prt$. where $a$ is the balance of the account after $t$ years, and $p$ is the starting principal invested at an annual percentage rate of $r$, expressed as a decimal.\nli invested $7100 in a savings account that pays 4.1% simple interest. he plans to leave it there for 28 years. determine what lis ending balance will be after 28 years. round your answer to the nearest hundredth.\nafter 28 years, li will have a balance of $ in his savings account.\nquestion help: video

Answer

Explanation:

Step1: Identify values

$P = 7100$, $r=0.041$ (since $4.1%=0.041$), $t = 28$

Step2: Substitute into formula

$A=P+Prt=7100+7100\times0.041\times28$ First calculate $7100\times0.041\times28$: $7100\times0.041\times28 = 7100\times(0.041\times28)=7100\times1.148 = 8140.8$ Then $A=7100 + 8140.8$

Step3: Calculate final balance

$A=15240.80$

Answer:

$15240.80$