3400 dollars is placed in an account with an annual interest rate of 7-5%. How much
2 answers:
Answer:
$7,735
Step-by-step explanation:
Assuming simple interest, the following formula applies:
A = P (1 + rt)
where,
A = Final Amount (we are asked to find this)
P = Principal Amount (given as $3,400)
r = annual interest rate (given as 7.5% = 0.075)
t = time in years (given as 17 years)
Substitute these into the equation above:
A = P (1 + rt)
A = 3,400 [ 1 + (0.075)(17) ]
A = $7,735
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