Asked by Nancy

Randy deposits $7,540 in a bank account that pays 4.5 percent simple interest. If he doesn't change the principle, what will his balance be in 10 years?

Answers

Answered by Lily
The formula for Simple Interest is Interest= Principle x Rate x Time. You fill in the formula- ?= 7540 x 4.5% x 10. Then, you turn the rate into a fraction- 0.045. Fill in the formula again, 7540 x 0.045 x 10, you multiply. 7540 x 0.045 x 10 = 3393. The interest after ten years will be $3393.
There are no AI answers yet. The ability to request AI answers is coming soon!

Related Questions