question 12(multiple choice worth 1 points) (slope - intercept form mc) a savings account is opened with a…

question 12(multiple choice worth 1 points) (slope - intercept form mc) a savings account is opened with a principal of $3,120. the account earns 4.7% simple annual interest. what is the total account balance after 6 years? $3,999.84 $5,360.16 $879.84 $2,240.16

question 12(multiple choice worth 1 points) (slope - intercept form mc) a savings account is opened with a principal of $3,120. the account earns 4.7% simple annual interest. what is the total account balance after 6 years? $3,999.84 $5,360.16 $879.84 $2,240.16

Answer

Explanation:

Step1: Identify the simple - interest formula

The simple - interest formula is $A = P(1+rt)$, where $A$ is the final amount, $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal

Given $r = 4.7%=0.047$, $P = 3120$, and $t = 6$.

Step3: Substitute values into the formula

$A=3120\times(1 + 0.047\times6)$. First, calculate the value inside the parentheses: $0.047\times6 = 0.282$, then $1+0.282=1.282$. Next, calculate $A$: $A = 3120\times1.282=3999.84$.

Answer:

$3999.84$ (corresponding to the first option)