Answer:
Ending balnace is; $5875
Step-by-step explanation:
Given: Principal(P) = $5,000 , Rate(R) = 5% and Time(T) = 3.5 years.
Using the simple interest(I) formula:
[tex]I = \frac{P\cdot R\cdot T}{100}[/tex]
Substitute the given values in the formula to calculate interest(I);
[tex]I = \frac{5000 \cdot 5 \cdot 3.5}{100}[/tex]
Simplify:
[tex]I = \$875[/tex]
To find the ending balance;
Ending balance is the net residual balance in an account.
Ending Balance = Principal + Interest
=[tex]5000 + 875 = \$5,875[/tex]
Therefore, the ending balance is, $5, 875
