question 3\nyou deposit $1390 in a savings account paying 3.7% simple interest.\nhow much interest will you…

question 3\nyou deposit $1390 in a savings account paying 3.7% simple interest.\nhow much interest will you earn in 6 years?\nhow much is in the account at the end of 6 years?\nquestion help: video\nsubmit question

question 3\nyou deposit $1390 in a savings account paying 3.7% simple interest.\nhow much interest will you earn in 6 years?\nhow much is in the account at the end of 6 years?\nquestion help: video\nsubmit question

Answer

Explanation:

Step1: Identify 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=$1390$, $r = 3.7%=0.037$, and $t = 6$ years.

Step2: Calculate the interest

Substitute the values into the formula: $I=Prt=1390\times0.037\times6$ $I = 1390\times0.222$ $I = 308.58$

Step3: Calculate the total amount in the account

The total amount $A$ in the account after $t$ years is given by $A=P + I$. Since $P = 1390$ and $I = 308.58$, then $A=1390+308.58=$1698.58$

Answer:

Interest earned: $$308.58$ Amount in account: $$1698.58$