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This is an example of a simple interest
The formula to calculate simple interest is:
I = prt ( In the picture attached you can see what each stands for )
Given are initial amount → $600
interest anually → 1.7%
time → 10 years
Let us convert the interest percentage into decimals
I = ( 600 )( 0.017 )( 10 )
= $102
We need to add this amount to the initial to find what is left over a time period of 10 years
$600 + $102 = $702
$702 will be left in your account
This is an example of a simple interest
The formula to calculate simple interest is:
I = prt ( In the picture attached you can see what each stands for )
Given are initial amount → $600
interest anually → 1.7%
time → 10 years
Let us convert the interest percentage into decimals
I = ( 600 )( 0.017 )( 10 )
= $102
We need to add this amount to the initial to find what is left over a time period of 10 years
$600 + $102 = $702
$702 will be left in your account