SOLUTION: an account with $545 is invested at 5% simple interest for 6 years. what is the final balance in the account?

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Question 409091: an account with $545 is invested at 5% simple interest for 6 years. what is the final balance in the account?
Found 2 solutions by rfer, shafqatlaghari:
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=545*0.05*6
I=163.5
-------
545+163.50=708.50

Answer by shafqatlaghari(2) About Me  (Show Source):
You can put this solution on YOUR website!
it is continuous compounding for 6 years so that
545 . (1.05)^6= 730.35