To calculate the amount Sylvia will have in her savings account after 5 years with a simple interest formula, we can use the formula:
\[ A = P + I \]
where:
- \( A \) is the total amount in the account after time \( t \)
- \( P \) is the principal amount (initial deposit)
- \( I \) is the interest earned
The interest \( I \) can be calculated using the formula:
\[ I = P \times r \times t \]
where:
- \( r \) is the interest rate (as a decimal)
- \( t \) is the time in years
Given:
- \( P = 50 \)
- \( r = 0.02 \)
- \( t = 5 \)
Now, we can calculate the interest:
\[ I = 50 \times 0.02 \times 5 = 50 \times 0.1 = 5 \]
Now, we can calculate the total amount in the account:
\[ A = P + I = 50 + 5 = 55 \]
Thus, after 5 years, Sylvia will have $55.00 in her account.
The correct answer is A) $55.00.