SOLUTION: carmelo puts 2,200.00 into a savings bonds that pay interest rate of 3.4%. how much money will the bonds be worth at the end of 5.5 years.

Question 182220: carmelo puts 2,200.00 into a savings bonds that pay interest rate of 3.4%. how much money will the bonds be worth at the end of 5.5 years.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
The formula for simple interest is
where
= Interest earned
= Principle
= annual rate
= time in years
given:

This isn't the answer. The problem wants to know
what the bonds are worth after years, and
that would be Interest earned + Principle

The bonds will be worth $2,611.40 in 5.5 years
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