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cedarwood79
Hello there! So, the first thing we do when solving these types of problems is to find the interest rate. Because this is simple interest, the amount earned will be constant. The formula for this is I = prt. The principle is the $2,200. The rate earned per year is 3.4%. 2,200 * 3.4% (0.034) is 74.80. That's $74.80 worth of interest each year. The amount of time is 5.5 years. 74.8 * 5.5 is 411.4. Carmelo will earn $411.40 worth of interest in 5.5 years. However, that's not all. We are looking for the total amount of his bonds, which means add the interest and his initial amount in the bank. 2,200.00 + 411.40 is 2,611.4. Carmelo's saving bonds will be worth $2,611.40 at the end of 5.5 years.

The bonds will be $2611.40 at the end of 5.5 years.

What is simple interest rate?

Simple interest is a quick and easy method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.

Simple interest rate formula

F.V = [tex]P.V (1+rt)[/tex]

F.V = Final value

P.V = Principal value

Given

Principal value P.V = $2200.00

Rate r = 3.4%

Time t = 5.5 years

Simple interest rate formula

F.V = [tex]P.V (1+rt)[/tex]

F.V = [tex]2200(1+3.4 \% \times 5.5)[/tex]

F.V = [tex]2200(1+0.034 \times 5.5)[/tex]

F.V = 2200 × 1.187

F.V  = 2611.40

Hence,

The bonds will be $2611.40 at the end of 5.5 years.

Find out more information about simple interest rate here

brainly.com/question/7279636

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