If \$1000 is deposited into an account that earns 3.25\% simple interest per year, how much money will be in the account after 7
years? PLEASE SHHOW WORK
1 answer:
<h3>
Answer: 1227.50 dollars</h3>
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Explanation:
The simple interest formula to use is
A = P*(1+r*t)
where,
A = account value after t years (original deposit + interest)
P = 1000 = amount deposited (principal)
r = 0.0325 = annual interest rate in decimal form
t = 7 = number of years
So,
A = P*(1+r*t)
A = 1000*(1+0.0325*7)
A = 1227.50
Side note: you've earned A-P = 1227.50-1000 = 277.50 dollars in total interest
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