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Each year, Monica deposits $200 into her savings that earns simple interest at an annual rate of 3.5%. What will her balance be in 3 years if she makes no withdrawals.

Each year, Monica deposits $200 into her savings that earns simple interest at an annual rate of 3.5%. What will her balance be in 3 years if she makes no withdrawals.
asked 130k views
7 votes
Each year, Monica deposits $200 into her savings that earns simple interest at an annual rate of 3.5%. What will her balance be in 3 years if she makes no withdrawals.

asked
User Tiago Leite
by
8.8k points

1 Answer

5 votes

Answer:

2,100

Explanation:

$200 * 3.5= $700

$700 * 3= $2,100

answered
User ImonBayazid
by
8.4k points
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