Question

Ira invests $8000 into an account that earns 5.6% simple interest for 6 years. He does not make any other deposits or withdrawals. At the end of 6 years, Ira invests the entire account balance into a different account that earns 6% simple interest. He leaves the money in the account for 3 years without making any additional deposits or withdrawals. What is the new account balance at the end of 3 years? Drag and drop values into the boxes to correctly complete the statements. Ira invests $Response area into the account that earns 6% simple interest. At the end of 3 years, the account balance is $

Answer 1

Answer:

Ira invests $10,688 into the account that earns 6% simple interest. At the end of 3 years, the account balance is $12,611.84

Step-by-step explanation:

I took the test.

Answer 2

Answer: Ira invested

Principal = 8000$

Time= 6years

Rate =5.6%

So SI= $\frac{PXRXT}{100}$

       = $\frac{8000X\frac{56}{10} X 6 }{100}$

       =2688

Amount=P+SI

             =8000+2688

             =10688$

After 6 years

Principal= 10688

Rate= 6%

Time=3 years

SI= $\frac{PXRXT}{100}$

  =$\frac{10688 X 6 X 3}{100}$

  =1923.84

Amount at the end of 3 years = 10688 + 1923.84

                                                  =12611.84