Question

You invest 600 in a savings account which pays 1.7% interest annually. how much money will be in your account after 10 years if no money is deposited or withdrawn

Answer 1

Lets get started :)

This is an example of a simple interest

The formula to calculate simple interest is:
I = prt ( In the picture attached you can see what each stands for )

Given are initial amount → $600
interest anually → 1.7%
time → 10 years

Let us convert the interest percentage into decimals

`(1.7)/(100) = 0.017`

I = ( 600 )( 0.017 )( 10 )
= $102

We need to add this amount to the initial to find what is left over a time period of 10 years

$600 + $102 = $702

$702 will be left in your account