Respuesta :
Answer:
The amount in the account after 7 years is $12,450
Step-by-step explanation:
To calculate the amount that will be in the account after 7 years, what we do is to simply add the interest to the principal.
Thus, we need to calculate the interest. Mathematically, the simple interest can be calculated using the formula below;
I = PRT/100
where P is the principal which is the amount deposited initially into the account = $10,000
R is the interest rate which is 3.5%
T is time which is 7 years
Plugging these figures, we have
I = (10,000 * 3.5 * 7)/100
I = $2,450
Thus the amount we have in the account which is interest + capital = 2,450 + 10,000 = $12,450
Answer: $12,450
Step-by-step explanation:
Hi, to answer this question we have to apply the simple interest formula:
I = p x r x t
Where:
I = interest
P = Principal Amount
r = Interest Rate (decimal form)
Replacing with the values given
I = 10,000 x (3.5/100) x 7
I = 2,450
Adding the interest to the amount invested.
10,000 + 2,450 = $12,450
Feel free to ask for more if needed or if you did not understand something.
