Gerard deposited $5,600 into a savings account that earns 4.5% simple interest each year calculated annually what is the future value of gerard's account after 12 years

The simple interest formula is given by;

Where, is the principal, is the time in years and % is the rate in percentage.

We just have to plug in these values in to the simple interest formula to obtain,

Multiplying out the numerator gives,

We simplify to obtain;

Since Gerard's money earned a simple interest of $ 3024 the total value in his account will increase by $ 3024.

Hence the value of Gerard's account after 12 years is  

$8,624

its 69.420

step-by-step explanation: