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Jack and Sarah both open savings accounts.
Jack opens his with a starting balance of $1,000.00 and his bank is paying him using interest compounded annually.
Sarah opens hers with a starting balance of $1,000.00 but Sarah's bank is paying her using simple interest.
Both Jack and Sarah are receiving an interest rate of 8% annually.
If both Jack and Sarah leave their money in the bank for 5 years, what is the sum of the balances of Jack’s account and Sarah’s account?

A. $1869.33

B. $2869.33

C. $1400.00

D. $1469.33

Respuesta :

iichrryluvvs
You answer would be C

A = $1,400.00

I = A - P = $400.00

Equation:
A = P(1 + rt)

Calculation:
First, converting R percent to r a decimal
r = R/100 = 8%/100 = 0.08 per year.

Solving our equation:
A = 1000(1 + (0.08 × 5)) = 1400
A = $1,400.00

The total amount accrued, principal plus interest, from simple interest on a principal of $1,000.00 at a rate of 8% per year for 5 years is $1,400.00.

Website: https://www.calculatorsoup.com/calculators/financial/simple-interest-plus-principal-calculator.php?given_data=find_A&P=1000&R=8&t=5&time_t=year&given_data_last=find_A&action=solve
jme08649
The sum of the balances would be c

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