Mrs jasmine Invested $4000 in a building society which paid simple interest at a rate of 7.25% per annum to its investors. After 2 years, the rate was increased to 7.6% per annum. Find the amount she had T the end of 7 years

Answer 1

Think of it as 7.25% for the whole 7 years, plus an additional 0.35% for the last 5 years

amount = 4000 + 4000(.0725)(7) + 4000(.0035)(5)