Question

IIULIVUT

Answer 1

Given:

Investment (P) = $10000

Rate of interest (R) = 3.5%

Time (T) = 7 years

To find:

Amount in the account after 7 years

Solution:

Simple interest formula:

$I=\frac{PRT}{100}$

$I=\frac{10000\times3.5\times7}{100}$

$I=\frac{10000\times3.5\times7}{100}$

$I= 2450$

Simple interest = $2450

Amount = Investment + Interest

             = 10000 + 2450

             = 12450

Therefore $12,450  will be in the account after 7 years.