John inherited $5,000 from his grandfather. he put it in a savings account to buy a car when he turns 16. john is 13 right now. if his savings account earns 7% over the next 3 years, how much will be in the account when he turns 16?

There will be $5,350 in the account when John turns 16.

Step-by-step explanation:

As John inherited $5,000 and put it in a savings a count that offers a 7% interest over the next 3 years, we have to do the following calculation to know how much money will be in the account when he turns 16 (he is 13 right now):

5,000 x 7 / 100 = Interest rate

35,000 / 100 = Interest rate

350 = Interest rate

Interest rate + 5,000 = Total money over 3 years

350 + 5,000 = 5,350

There will be $5,350 in the account when John turns 16.

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