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Help!!!!Tyler's savings account pays a simple annual interest rate of 3.25%. Suppose he deposits $5,000 in the account and makes no additional deposits or withdrawals for 3 years. What will the total value of the account be after 3 years?

Respuesta :

The amount in the bank account at the end of 3 years will be; $5487.5

What is simple interest?

Simple interest is a method of calculating the interest charge. Simple interest can be calculated as the product of principal amount, rate and time peroid.

Simple Interest = (Principal × Rate × Time) / 100

The amount deposited by Tyler's in the savings account is $5,000

Interest rate = 3.25% annually

Then Calculating the amount in the bank account after 3 years, using the formula;

Simple Interest = (Principal × Rate × Time) / 100

where P = principal invested

R = rate of interest annually

T = number of years amount is invested

So, Simple interest on the principal invested for 3 years=

5,000  x 3.25  x 3/100 = 487.5

The amount in the bank account at the end of 3 years will be;

= 487.5 + 5,000  

= $5487.5

Learn more about simple interest:

brainly.com/question/25845758

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