Question

You deposited $350 in the bank with simple interest several years ago. You are keeping track of your account balance by drawing a graph. The points (3,21) and (8,56) are on the graph. What is the amount of interest you earn each year?(1 point) Responses $77.00 $77.00 $7.00 $7.00 $2.67 $2.67 $35.00

Answer 1

To determine the amount of interest you earn each year, we can use the points (3, 21) and (8, 56) that are on the graph.

The points represent time in years (the first coordinate) and the total amount in the account (the second coordinate).

From the points:
- At year 3, the amount is $21.
- At year 8, the amount is $56.

Let's calculate the total interest earned over the period from year 3 to year 8:
- Interest earned from year 3 to year 8 = Amount at year 8 - Amount at year 3
- Interest = 56 - 21 = $35

Now, we need to find the number of years between these two points:
- Years = 8 - 3 = 5 years

To find the annual interest, we divide the total interest by the number of years:
- Annual Interest = Total Interest / Number of Years
- Annual Interest = 35 / 5 = $7.00

Therefore, the amount of interest you earn each year is **$7.00**.