You did not say if this is simple interest or if it compounds yearly
If simple then
10,000 + 5 * 0.0375 * 10,000
if compound then
10,000 * 1.0375^5
In order to help her save money for college, Peyton's grandparents deposited $10,000 into a savings
account five years ago. Peyton has not made any withdrawals or deposits since then. The interest
rate on the savings account is 3.75% each year.
What is the total amount in Peyton's savings account?
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2 answers