Question

Jenny invests $650 in a simple interest account that gives her 5% interest rate. She does not deposit or withdraws any money. How much money should she have at the end of 7 years?

Answer 1

Answer: 877.50$

Explanation:

Answer 2

$877.50

Explanation:

As you know, I = Prt, when we have something next to each other without parenthesis or a space, we multiply.

Solving our equation:

A = 650(1 + (0.05 × 7)) = 877.5

A = $877.50

The total amount accrued, principal plus interest, from simple interest on a principal of $650.00 at a rate of 5% per year for 7 years is $877.50.