Jean deposits $730 in an account that pays 2.8% simple interest. He neither adds more money nor withdraws any money from his account. What amount will be in Jean's account after 5 years? Show your work.
To calculate the amount in Jean's account after 5 years, we can use the formula for simple interest:
I = P * r * t
Where:
I = Interest earned
P = Principal amount (initial deposit)
r = Interest rate
t = Time in years
Plugging in the values:
I = $730 * 0.028 * 5
I = $102.20
The total amount in Jean's account after 5 years will be the sum of the initial deposit and the interest earned:
Total amount = $730 + $102.20
Total amount = $832.20
Therefore, Jean will have $832.20 in his account after 5 years.