Answer:
Step-by-step explanation:
The simple interest formula is: A = P( 1 + rt )
A = final amount
P = initial principal balance
r = interest rate
t = time periods
----------
To solve, plug in the numbers into the variables:
$4000 at 6.5% for 5 years
P = $4000
r = 6.5% or 0.065
t = 5
So: A = 4000( 1 + (0.065 × 5))
A = 4000( 1 + 0.325)
A = 4000(1.325)
A = 5300
Hope it helped!
