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.
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