Al invested $3,630 in an account that pays 6 percent simple interest. How much money will he have at the end of five years?
A) $4,910
B) $5,056
C) $4,719
D) $4,678
E) $5,299

Question

Quizplus · Accepted Answer

To calculate the total amount of money Al will have at the end of five years with simple interest, use the formula: Total Amount = Principal + (Principal * Rate * Time). Here, Principal = $3,630, Rate = 6% or 0.06, and Time = 5 years. So, Total Amount = $3,630 + ($3,630 * 0.06 * 5) = $3,630 + $1,089 = $4,719.

Al Invested $3,630 in an Account That Pays 6 Percent