Question

Piper deposited $734.62 in a savings account that earns 2.6% simple interest. What is Piper’s account balance after seven years?

Answer 1

That would be $868.32

Answer 2

Answer:

Balance in the saving account after 7 years is $ 868.32

Step-by-step explanation:

Given:

Amount deposited in account, P = $ 734.62

Rate of interest , R = 2.6%

Time, T = 7 years  

To find: Amount in account after 7 years.

Formula of Simple interest, SI = $\frac{P\time R\times T}{100}$

$SI=\frac{734.62\time2.6\times7}{100}=133.70$

Amount, A = SI + P = 734.62 + 133.70 = $ 868.32

Therefore, Balance in the saving account after 7 years is $ 868.32