question 3 (multiple choice worth 3 points)
(simple interest and arithmetic sequences mc)

a savings account is opened with an initial deposit of $425.00. determine the account balance after 9 years if the account earns 2.7% simple interest annually.

$3,928.28
$1,457.75
$528.28
$103.28

Question

question 3 (multiple choice worth 3 points)
(simple interest and arithmetic sequences mc)

a savings account is opened with an initial deposit of $425.00. determine the account balance after 9 years if the account earns 2.7% simple interest annually.

$3,928.28
$1,457.75
$528.28
$103.28

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "quick" ], "needs_drawing": false, "concepts_used": [ "Simple Interest Formula" ], "new_concepts": [], "current_concepts": [ "Simple Interest Formula", "Arithmetic Sequences" ] } ## Identify given values and formula $$ \begin{aligned} &P = 425.00\ &r = 2.7\% = 0.027\ &t = 9\ &A = P(1 + rt) \end{aligned} $$ ## Calculate the account balance $$ \begin{aligned} &A = 425.00 \times (1 + 0.027 \times 9)\ &A = 425.00 \times (1 + 0.243)\ &A = 425.00 \times 1.243\ &A = 528.275 \approx 528.28 \end{aligned} $$

$3,928.28

$1,457.75

$528.28

$103.28

{ "subject": "Mathematics", "question_type": "Multiple Choice", "knowledge_point": [ "Mathematics", "Algebra", "Simple Interest Formula" ] }

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Question

Explanation:

Identify given values and formula

Calculate the account balance

Answer: