Question

Find the accumulated value of the deposit $2500 made in simple interest for 3.5 years at 5% rate of interest per year.

Answer 1

First let us find the interest earned and then we can find the accumulated value.  

I  =  Pnr / 100  

Here, P  =  2500, n  =  3.5, r  =  5

I  =  (2500 ⋅ 3.5 ⋅ 5) / 100

I  =   25 ⋅ 3.5 ⋅ 5

I  =  437.50

Accumulated value is,

A  =  P + I  

A  =  2500 + 437.50

A  =  2937.50

So, the accumulated value is $2937.50.

Answer 2

Answer:

Your answer is $2937.50

Step-by-step explanation:

Find the accumulated value of the deposit $2500 made in simple interest for 3.5 years at 5% rate of interest per year. Summary: First, let us find the interest earned, and then we can find the accumulated value.

Solution: I  =  Pnr / 100 Here,

P  =  2500, n  =  3.5,

r  =  5

I  =  (2500 ⋅ 3.5 ⋅ 5) / 100

I  =   25 ⋅ 3.5 ⋅ 5 I  =  437.50

Accumulated value is, A  =  P + I A  =  2500 + 437.50 A  =  2937.50

So, the accumulated value is $2937.50.

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