Question

Danny invests $10,000 in a savings account that pays 3.5% simple interest. If Danny does not make any additional deposits or withdrawals, how much will be in the account after 7 years?

Answer 1

Answer:

Danny will have 12,450 in his savings account

Step-by-step explanation:

P is the principal amount, $10000.00.

r is the interest rate, 3.5% per year, or in decimal form, 3.5/100=0.035.

t is the time involved, 7....year(s) time periods.

So, t is 7....year time periods.

To find the simple interest, we multiply 10000 × 0.035 × 7 to get that:

The interest is: $2450.00

10000.00 + 2450.00 = 12450.00.

Answer 2

Answer:

He will have 12,450.00

Step-by-step explanation:

Ok if he has the starting amount at 10,000 thats your initial value. So to get your solution you have A=10,000 x .035t.

A=10,000 x 0.35 doing that you get 350, being the amount put into the account each year.

Next you do 10000+350(7) giving you 12450.

Hope this helps