SOLUTION: A wedding couple received $910 in gift money. they deposited it in an account that pays 5.2% simple interest, for 3 1/2 years. what is their ending balance

Algebra.Com
Question 1061390: A wedding couple received $910 in gift money. they deposited it in an account that pays 5.2% simple interest, for 3 1/2 years. what is their ending balance
Found 2 solutions by jorel555, MathTherapy:
Answer by jorel555(1290)   (Show Source): You can put this solution on YOUR website!
If they deposit their money at 5.2% simple interest for 3-1/2 years, then:
5.2% x 3.5=18.2%
910 x (1.182)=$1075.62 ending balance. ☺☺☺☺

Answer by MathTherapy(10555)   (Show Source): You can put this solution on YOUR website!
A wedding couple received $910 in gift money. they deposited it in an account that pays 5.2% simple interest, for 3 1/2 years. what is their ending balance
This is a STUPID problem. If they leave that $910 in the account for  years, the money will earn COMPOUND INTEREST, not SIMPLE INTEREST.
Now, if they should WITHDRAW the interest at the end of every year, then the interest earned would be on the $910, once they MAKE SURE THEY LEAVE $910 at the end of each interest period.
RELATED QUESTIONS

Sonja and jake just got married , They received a $2,500 in a gift money and deposited it (answered by josmiceli)
Is it B? I'm checking my answers. Samantha and Luke got married. They received $4,500... (answered by MathLover1)
Hello- trying to figure out 2 things. 1. Are they asking for the amount that had to be... (answered by Alan3354)
A team of cancer research specialists received a grant of $300,000 to be used for cancer... (answered by checkley71)
A team of cancer research specialists received a grant of 300,000 to be used for cancer... (answered by richwmiller)
$ 2000 was deposited into an account that pays simple interest at a rate of 3% per year. (answered by srinivas.g)
I figured out the answer but I am clueless as to the equation. Can you please help????... (answered by stanbon)
David deposited $10,000 in an account that pays 5 percent interest compounded annually.... (answered by ikleyn)
I have a problem setting up the equation for these 2 word problems. Any help would be... (answered by vleith)