Remember that we can calculate the sinmple interest earned in an investment or saving using the formula:
Where:
P is the money invested/saved
R is the rate of interest
T is the time of the investment/deposit in years
Using this formula and the data given, we get:
Therefore, the interest earned is $285.60
Answer:
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Step-by-step explanation:
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2(x + 4) -3
2x + 8 (-3)
2x + -24
The account will be worth $2368.20 in 7 years.
The compound interest formula is
where p is the principal invested, r is the interest rate as a decimal number, n is the number of times the interest is compounded yearly, and t is the amount of time.
3.35% = 3.35/100 = 0.0335.
Using our information, we have:
which comes out to $2368.20.
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