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 $35.00 $35.00 $7.00 $7.00 $77.00 $77.00 $2.67
Answers
GPT-4o mini
To determine the amount of interest you earn each year, we can use the two points (3, 21) and (8, 56) from the graph.
The points represent:
- (3, 21): After 3 years, the account balance is $21.
- (8, 56): After 8 years, the account balance is $56.
First, we can find the change in balance and the change in time:
1. Change in balance:
\( 56 - 21 = 35 \)
2. Change in time:
\( 8 - 3 = 5 \) years
Now, we can calculate the interest earned per year:
\[
\text{Interest per year} = \frac{\text{Change in balance}}{\text{Change in time}} = \frac{35}{5} = 7
\]
Therefore, the amount of interest you earn each year is **$7.00**.
The points represent:
- (3, 21): After 3 years, the account balance is $21.
- (8, 56): After 8 years, the account balance is $56.
First, we can find the change in balance and the change in time:
1. Change in balance:
\( 56 - 21 = 35 \)
2. Change in time:
\( 8 - 3 = 5 \) years
Now, we can calculate the interest earned per year:
\[
\text{Interest per year} = \frac{\text{Change in balance}}{\text{Change in time}} = \frac{35}{5} = 7
\]
Therefore, the amount of interest you earn each year is **$7.00**.