marisol deposits $5,000 in a savings account earning 5.75% simple interest per year. part a how much…

marisol deposits $5,000 in a savings account earning 5.75% simple interest per year. part a how much interest will marisol earn for a period of 5 years? $143.75 $287.50 $1,437.50 $2,875.00 part b marisol receives $8,450 when she closes her savings account. if she made no changes to the account, for how many years did marisol keep the account open? enter the correct answer in the box.

marisol deposits $5,000 in a savings account earning 5.75% simple interest per year. part a how much interest will marisol earn for a period of 5 years? $143.75 $287.50 $1,437.50 $2,875.00 part b marisol receives $8,450 when she closes her savings account. if she made no changes to the account, for how many years did marisol keep the account open? enter the correct answer in the box.

Answer

Explanation:

Step1: Recall simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P=$5000$, $r = 5.75%=0.0575$, and $t = 5$ years.

Step2: Calculate the interest for Part A

Substitute the values into the formula: $I=Prt=5000\times0.0575\times5$. $I = 5000\times0.0575\times5=5000\times0.2875 = 1437.5$. So the interest for 5 years is $$1437.50$.

Step3: For Part B, first find the interest earned

The total amount $A$ is $$8450$ and the principal $P$ is $$5000$. So the interest earned $I=A - P=8450 - 5000=3450$.

Step4: Use the simple - interest formula to find the time

We know $I = Prt$, and we want to find $t$. Rearranging the formula gives $t=\frac{I}{Pr}$. Substitute $I = 3450$, $P = 5000$, and $r=0.0575$ into the formula. $t=\frac{3450}{5000\times0.0575}=\frac{3450}{287.5}=12$.

Answer:

Part A: C. $$1,437.50$ Part B: 12