$250 is invested at a bank that pays 7% simple interest. Calculate the amount of money in the account after 1 year, 3 years, 7 years,

Question

$250 is invested at a bank that pays 7% simple interest. Calculate the amount of money in the account after 1 year,
3 years, 7 years, and 20 years

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Vân Khánh 3 years 2021-09-05T10:58:40+00:00 1 Answers 2 views 0

Answers ( )

  1. thuthuy
    0
    2021-09-05T11:00:39+00:00
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    Answer:

    267.5

    302.5

    372.5

    600

    Step-by-step explanation:

    Simple interest

    PV(1+it)

    1 year:

    250(1+.07)

    267.5

    3 years:

    250(1+.07*3)

    302.5

    7 years:

    250(1+.07*7)

    372.5

    20 years:

    250(1+.07*20)

    600

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