Answer:
Interest earned =$1722.24
New Balance of account = $6922.24
Step-by-step explanation:
An account earns simple interest.
$5200 at 7.36% for 54 months.
The principal account (P) = $5200
R = 7.36%
T = 54 months = 54/12 year = 4.5 year.
The simple interest is calculated as:
I = P × R × T/100
I = 5200 × 7.36% × 4.5/100
I = $ 1722.24
The interest earned = $1722.24
The new balance of the account is:
P + I
= 5200 + 1722.24
= $6922.24.
The new balance of account = $6922.24
