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Jake received $300 for his birthday. He must decide how much of it to save and how much to spend. His bank has a 5% interest rate. How much more money would be in his account after 5 years if he saved $300 than if he saved $250?
A. $9528.31
B. $382.88
C. $319.07
D. $63.81

Respuesta :

2025bellikar

Answer:

5% of 300= 15 and 15x5 is 75

5% of 250=12.5 and 12.5x5=62.5

75-62.5=12.5

Step-by-step explanation:

When Jake saved $300, after 5 years, Jack have more amount of $75.

When Jake saved $250, after 5 years, Jack have more amount of $62.5.

Simple interest:

The simple interest is computed as;

                   [tex]Interest=\frac{P*R*T}{100}[/tex]

where P is principal , R is rate and T is time.

When Jake saved $300, after 5 years, Jack have amount of,

                  [tex]Amount=\frac{300*5*5}{100}=\$ 75[/tex]

Therefore, after five years, Jack has $75 more in his account.

When Jake saved $250, after 5 years, Jack have amount of,

                  [tex]Amount=\frac{250*5*5}{100}=\$ 62.5[/tex]

Therefore, after five years, Jack has $62.5 more in his account.

Learn more about the simple interest here:

https://brainly.com/question/25793394

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