The total interest accrued is $2,407.41 if you invested $7,000 into a money market account for 10 years at an annual interest rate of 3%.
<h3>What is invested amount?</h3>
An investment is a payment made to acquire the securities of other firms with the intention of making a profit.
We are assuming the interest will be compounded annually

Where A = Final amount
P = Principal amount
r = annual rate of interest
n = how many times interest is compounded per year
t = How long the money is deposited or borrowed (in years)
We have:
P = $7000
r = 3% = 0.03
t = 10 years
n = 1

After calculating:
A = $9407.41
I = A - P = 9407.41 - 7000 = $2,407.41
Thus, the total interest accrued is $2,407.41 if you invested $7,000 into a money market account for 10 years at an annual interest rate of 3%.
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Answer:
1,946,075.95 AED
Step-by-step explanation:
Firstly, we write the general formula for an exponential increase as follows;
V(t) = A( 1 + r)^t
where V(t) is the value after some number of years t
A is the investment amount which is 100,000 AED
r is the rate of increase which is 16% = 16/100 = 0.16
t is the number of years which is 20
substituting these values;
V(20) = 100,000( 1 + 0.16)^20
V(20) = 100,000(1.16)^20
V(20) = 1,946,075.95 AED
Answer:
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Step-by-step explanation:
Answer:
which p? there isn't any p in above equation
Answer:
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Step-by-step explanation: