ewoodsonjr
Answered

Find the balance of a savings account at the end of 10 years old if the interest earned each year is 7.5% the principal is $500

Verified Answer :

olemakpadu

Am going to assume simple interest.

Interest, I = PRT/100.   

Where P = Principal, R = Rate per year, T = time in years

Interest, I =   500 7.5 10 / 100 = 375

So the balance would be the amount in the account. That would be:

Principal + Interest

500 + 375

= 875

Balance = $875. 

mayap1

I think the answer is $875 hope this helps you

Related Questions