Answer:
$352.50
Step-by-step explanation:
We can use simple interest formula to solve this. The formula is:
[tex]i=Prt[/tex]
i is the interest amount
P is the principal amount
r is the rate of interest (in decimal)
t is the time in years
Lets find the interest and then add it to principal to find the balance after 5 years.
Given:
P = 300
r = 3.5% = 3.5/100 = 0.035
t = 5
Substituting we find the interest:
[tex]i=Prt\\i=300*0.035*5\\i=52.5[/tex]
So $300 earns $52.50, so total balance would be:
300 + 52.50 = $352.50
