Answered

Ernestine deposited $6,800 into a savings account that earns 3.5% simple interest each year calculated annually. What is the future value of Ernestine's account after 16 years?

A$3,808
B$10,608
C$17,408
D$7,038

Verified Answer :

MissPhiladelphia

The formula for the simple interest future worth is 

F = P (1 + ni)

where F is the future worth
P is the present worth of the money
n is the number of years
i is the interest rate

therefore, substituting values

F = 6800 (1 + 16* 0.035)
F = $ 10608

vanisher1122

Answer:

$10,608

Step-by-step explanation:

APEX;))

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