Question

you invest $2300 in an account at 1.5% per year simple interest.the eqaution that represents this scenario is.How much will you have in the account in year 7? Round your answer to the nearest dollar

Answer 1

= $2,541.5

Explanation:

I = P * T * R/100

I = 2300*7 * 1.5/100

I = $241.5

Total amount in the account will be $2300 + $241.5

= $2,541.5