find the FINAL BALANCE in each account. $35,000 at 6.25% simple interest for 3 years
$38,625.00
$41652.00
$38,550.50
$41,562.50
The answer should be D.
To find the final balance for each account, we can use the formula for simple interest:
Final Balance = Principal + (Principal * Interest Rate * Time)
Using the given information:
Account 1:
Principal = $35,000
Interest Rate = 6.25% = 0.0625
Time = 3 years
Final Balance for Account 1 = $35,000 + ($35,000 * 0.0625 * 3) = $35,000 + ($35,000 * 0.1875) = $35,000 + $6,562.50 = $41,562.50
Account 2:
Principal = $38,625.00
Interest Rate = 6.25% = 0.0625
Time = 3 years
Final Balance for Account 2 = $38,625.00 + ($38,625.00 * 0.0625 * 3) = $38,625.00 + ($38,625.00 * 0.1875) = $38,625.00 + $7,237.50 = $45,862.50
Account 3:
Principal = $38,550.50
Interest Rate = 6.25% = 0.0625
Time = 3 years
Final Balance for Account 3 = $38,550.50 + ($38,550.50 * 0.0625 * 3) = $38,550.50 + ($38,550.50 * 0.1875) = $38,550.50 + $7,225.51 = $45,776.01
Account 4:
Principal = $41,562.50
Interest Rate = 6.25% = 0.0625
Time = 3 years
Final Balance for Account 4 = $41,562.50 + ($41,562.50 * 0.0625 * 3) = $41,562.50 + ($41,562.50 * 0.1875) = $41,562.50 + $7,781.25 = $49,343.75
Therefore, the final balances in each account are as follows:
Account 1: $41,562.50
Account 2: $45,862.50
Account 3: $45,776.01
Account 4: $49,343.75
To find the final balance in each account, we can use the formula for simple interest:
Final Balance = Principal + (Principal * Interest Rate * Time)
Given:
Principal = $35,000
Interest Rate = 6.25% (expressed as a decimal, i.e., 0.0625)
Time = 3 years
Let's calculate the final balance for each account:
1. Account 1:
Final Balance = $35,000 + ($35,000 * 0.0625 * 3)
Final Balance = $35,000 + ($35,000 * 0.1875)
Final Balance = $35,000 + $6,562.50
Final Balance = $41,562.50
2. Account 2:
Final Balance = $35,000 + ($35,000 * 0.0625 * 3)
Final Balance = $35,000 + ($35,000 * 0.1875)
Final Balance = $35,000 + $6,562.50
Final Balance = $41,562.50
3. Account 3:
Final Balance = $35,000 + ($35,000 * 0.0625 * 3)
Final Balance = $35,000 + ($35,000 * 0.1875)
Final Balance = $35,000 + $6,562.50
Final Balance = $41,562.50
4. Account 4:
Final Balance = $35,000 + ($35,000 * 0.0625 * 3)
Final Balance = $35,000 + ($35,000 * 0.1875)
Final Balance = $35,000 + $6,562.50
Final Balance = $41,562.50
Therefore, the final balance in each account is $41,562.50.