Question

33,000 was just deposited in an account paying 10% interest, the money will be there for 7 yrs. How much will be in the account in 7yrs

Answer 1

Thank you for using the Jiskha Homework Help Forum. Here is what you do:

33,000 X .10% = X
X times 7 =
now add that last figure to 33,000
What do you get? After you do the work, feel free to post your answer and we'll be glad to check it for you!

Answer 2

If the interest is figured on the balance at the end of each year, then you can do it this way.

$33,000 * 0.1 = $3300
At the end of the first year there'll be $36,300.
36,300 * 0.1 = $3630
End of 2nd year = $39,930

You can continue using this method for each year. Add the interest to the balance. Then figure the next year's interest on the current balance.

Answer 3

Assuming you are getting compound interest you would have
33,000(1.1)^7
= $64,307.66