As per the given simple interest, the amount in the account after 10 years is $715.
How to calculate Simple interest?
The general formula to calculate the simple interest is written as,
A = P(1 + rt)
Where
A refers Total Accrued Amount (principal + interest)
P refers Principal Amount
r refers Rate of Interest per year in decimal; r = R/100
t refers Time Period involved in months or years
Mollie has $550 in a savings account that earns 3% simple interest each year.
Here we need to find the amount in her account after 10 year.
According to the given question, we know that
Principal amount =$550
Interest rate = 3%
Time period = 10 years
Then the simple interest is calculated as,
First, converting R percent to r a decimal
r = R/100 = 3%/100 = 0.03 per year.
Solving our equation:
A = 550(1 + (0.03 × 10)) = 715
A = $715.00
Therefore, the total amount accrued, principal plus interest, from simple interest on a principal of $550.00 at a rate of 3% per year for 10 years is $715.00.
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