Simple Interest Card Sort & Solve

Explanation
The correct answer is C.
This is because simple interest is calculated by multiplying the principal amount (in this case, $10,000) by the interest rate (3.5%) and the number of years (7).
So, the amount in the account after 7 years would be $10,000 + ($10,000 * 0.035 * 7) = $10,000 + $2,450 = $12,450.

Explanation
Jaxon invests $100 into an account at a 2% interest rate. Since it is a simple interest account, the interest earned each year will be the same. To calculate the interest earned per year, we multiply the principal amount ($100) by the interest rate (2%) and divide by 100. Therefore, the interest earned per year is $2. After 15 years, Jaxon will have earned a total interest of $30 ($2 x 15). Adding this interest to the principal amount, Jaxon will have $130 in the account. Therefore, the correct answer is C.

Explanation
Laila will have $1040 in her account at the end of 10 years if she makes no withdrawals or deposits.

Explanation
Nancy will earn interest on her savings account over a period of 2 years. The simple interest rate is given as 3%. To calculate the interest earned, we can use the formula: Interest = Principal * Rate * Time. Plugging in the values, we get: Interest = $675 * 0.03 * 2 = $40.50. Therefore, Nancy will earn $40.50 in interest over 2 years.

Explanation
Megan wants to invest $2000 in a simple interest account that pays at a rate of 3.5%. To calculate the interest she will earn in 7 years, we can use the formula: Interest = Principal * Rate * Time. Plugging in the values, we get: Interest = $2000 * 0.035 * 7 = $490. Therefore, Megan will earn $490 in interest over 7 years.

Explanation
Lana will earn 2% of $500 annually as interest. In 10 years, she will earn a total interest of 10 times the annual interest. Therefore, the amount of interest she will earn in 10 years is $500 * 2% * 10 = $100.

Explanation
Equation B could be used to find the value of the account after 3 years. This equation represents the compound interest formula, which is A = P(1+r/n)^(nt), where A is the final amount, P is the principal amount (initial deposit), r is the annual interest rate (as a decimal), n is the number of times interest is compounded per year, and t is the number of years. In this case, the principal amount is $5,000, the annual interest rate is 4% (or 0.04), interest is compounded annually (n = 1), and the time period is 3 years (t = 3).

Explanation
The correct answer is A. The expression A = 5000(1 + 0.06)^5 represents the value of Willa's investment after 5 years. The initial amount of $5,000 is multiplied by (1 + 0.06) raised to the power of 5, which represents the annual interest rate of 6% compounded annually over 5 years. This calculates the future value of the investment after 5 years.

Explanation
Kelly plans to deposit her graduation money into an account that earns 4.25% interest compounded annually. Since she is not making any other deposits or withdrawals into the account, the amount in her account at the end of four years can be calculated using the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A = the final amount in the account
P = the principal amount (initial deposit)
r = the annual interest rate (4.25%)
n = the number of times interest is compounded per year (1, since it is compounded annually)
t = the number of years (4)

Plugging in the values, we have:

A = 750(1 + 0.0425/1)^(1*4)

Simplifying the expression, we get:

A = 750(1.0425)^4

Calculating further, we find:

A ≈ 750(1.181032)

A ≈ $885.77

Therefore, at the end of four years, there will be approximately $885.77 in Kelly's account.