Question

Rufus invest 10,000 in a savings account that pays 3.5 simple interest each year. If Rufus makes no withdrawal or deposits to the account how much money will be in the account after 7 years ?

Answer 1

Answer:

$1272.28

Step-by-step explanation:

Our equation is

$p*(1+x)^{t}$ , with p being the starting amount, x being the interest rate, and t being the time. Plug our variables in to get

$1000*(1+0.035)^{7}$ = around 1272.28