Question

Jayden invests money in an account paying a simple interest of 7.6% per year. If heinvests $100 and no money will be added or removed from the investment, howmuch will he have in one year, in dollars and cents?

Answer 1

Given data:

The given rate of interest is r=7.6%.

The given principal amount is P=$100.

The expression for the final amount after 1 year is,

`\begin{gathered} A=P+(P* r* t)/(100) \\ =100+(100*7.6*1)/(100) \\ =107.6 \end{gathered}`