Nikhil invests all of his $ 350 at a rate of 3% per year simple interest.Calculate the total value of this investment after 7 years

Question

Nikhil invests all of his $ 350 at a rate of 3% per year simple interest.Calculate the total value of this investment after 7 years

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Thiên Ân 3 years 2021-08-30T15:50:03+00:00 1 Answers 4 views 0

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  1. yenoanh
    0
    2021-08-30T15:51:36+00:00
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    answer:

    423.5

    step1.

    you find the value of 3% by dividing over 100 because percentage is over 100 so 3/100

    step2

    multiply by $350

    so 3/100×350=10.5

    step3

    we are told the investment is for 7years so we multiply 10.5 by 7 because 10.5 is only for 1year

    10.5×7=73.5

    step4

    add the 73.5 to the 350 then you have your answer

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