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3 years ago

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

Mathematics

2 answers:

xz_007 [3.2K]3 years ago

3 0

That would be $868.32

Leona [35]3 years ago

3 0

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

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