Devon had a starting balance of $54.00 in his savings passbook. He made these transactions: Deposits of $54.87 and $86.35; Withdrawals of $45.00 and $27.50; Interest $2.50. What is his final balance?
Daniel got a life insurance check of $5875 after the death of a close relative. He deposited it into a savings account at 1.7% interest for 5 years. What was the total amount of money in the account after 5 years?
Steven sold his old car and deposited the $3500 in a savings account at 3.5% interest for 2 1/2 years. What was the total amount of money in the account at the end of this time?|||54 + 54.87 + 86.35 - 45 - 27.5 + 2.5 = $125.22
simple interest formula(s)
Interest = Principal * rate * time
I = Prt
Amount = Principal + Interest
A = P + I
A = P + Prt
A = P(1 + rt)
A = 5875(1 + .017 * 5)
A = 5875 * 1.085
A = 6374.375
$6,374.38
A = 3500(1 + .035 * 2.5)
A = 3500 * 1.0875
A = 3806.25
$3,806.25|||Devon: 54.00 + 54.87 +86.35 - 45.00 - 27.50 + 2.50 = ?? Use a calculator
Daniel: 5875(1 + .0175)^5 = ?? use your calculator
Steven: 3500(1 + .035)^2.5 = ?? use your calculator
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