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mezya [45]
4 years ago
10

An account pays 7% per year simple interest. In year 1, the amount in the account is $950. How much is in the account in year 6?

Mathematics
1 answer:
olga_2 [115]4 years ago
6 0
Period for pay = 5 years
% interest = 7%
Principal amount = $950

Amount of Interest 

7/100 × 950 ×5
   = $332.50

Amount after interest
 
$950 + 332.50 = 1282.50


Answer = $1282.50
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