Danny invests $10,000 in a savings account that pays 3.5% simple interest. If Danny does not make any additional deposits or withdrawals, ho

Question

Danny invests $10,000 in a savings account that pays 3.5% simple interest. If Danny does not make any additional deposits or withdrawals, how much will be in the account after 7 years?

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Alexandra 1 week 2021-09-11T17:09:28+00:00 2 Answers 0

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    0
    2021-09-11T17:11:02+00:00

    Answer:

    Danny will have 12,450 in his savings account

    Step-by-step explanation:

    P is the principal amount, $10000.00.

    r is the interest rate, 3.5% per year, or in decimal form, 3.5/100=0.035.

    t is the time involved, 7….year(s) time periods.

    So, t is 7….year time periods.

    To find the simple interest, we multiply 10000 × 0.035 × 7 to get that:

    The interest is: $2450.00

    10000.00 + 2450.00 = 12450.00.

    0
    2021-09-11T17:11:24+00:00

    Answer:

    He will have 12,450.00

    Step-by-step explanation:

    Ok if he has the starting amount at 10,000 thats your initial value. So to get your solution you have A=10,000 x .035t.

    A=10,000 x 0.35 doing that you get 350, being the amount put into the account each year.

    Next you do 10000+350(7) giving you 12450.

    Hope this helps

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