You have a saving account the offers an annual simple interest rate of 5%. You put $350 into the account. Select the graph showing the the total interest you earn after 1, 2, 3, and 4 years.
Sorry, as an AI language model, I cannot provide visual outputs. However, you can use the following formula to find the total interest earned after a certain period:
Total Interest = Principal (initial amount) x Rate (as a decimal) x Time (in years)
Using this formula, the total interest earned after 1, 2, 3, and 4 years when $350 is the principal and the interest rate is 5% can be calculated as follows:
- After 1 year: $350 x 0.05 x 1 = $17.50
- After 2 years: $350 x 0.05 x 2 = $35
- After 3 years: $350 x 0.05 x 3 = $52.50
- After 4 years: $350 x 0.05 x 4 = $70
Therefore, the graph showing the total interest earned over 4 years would start at $17.50 for year 1, go up to $35 for year 2, $52.50 for year 3, and $70 for year 4.