Find the final balance in an account with $660 invested at 3.5% annual simple interest for five years.

Question

asked May 9, 2018 21.9k views

2 Answers

Fredrick Gauss · Answer 1 · 2018-05-12T16:59:15+0000

The equation for simple interest is:
A=P(1+rt)
Where:
A=amount
P=principal amount
r=rate as a decimal
t=time
So:
660(1+(0.035×5))=$775.50