Question

Nikhil invests all of his $ 350 at a rate of 3% per year simple interest.Calculate the total value of this investment after 7 years

Answer 1

answer:

423.5

step1.

you find the value of 3% by dividing over 100 because percentage is over 100 so 3/100

step2

multiply by $350

so 3/100×350=10.5

step3

we are told the investment is for 7years so we multiply 10.5 by 7 because 10.5 is only for 1year

10.5×7=73.5

step4

add the 73.5 to the 350 then you have your answer