SOLUTION: What is the amount of money I will have after a year if I put $5,000 in my Savings Bond account and the bank pays me 3.5% each year?

Question 809755: What is the amount of money I will have after a year if I put $5,000 in my Savings Bond account and the bank pays me 3.5% each year?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
What is the amount of money I will have after a year if I put $5,000 in my Savings Bond account and the bank pays me 3.5% each year?
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Simple Interest::
A(t) = P(1 + rt)
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A(1) = 5000(1+0.035*1) = 5000(1.035) = $5175
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Cheers,
Stan H.
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