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Ryan deposits $7000into an account that pays simple interest at a rate of 3%per year. How much interest will he be paid in the first 2years?
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May 24, 2019
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Ryan deposits $7000into an account that pays simple interest at a rate of 3%per year. How much interest will he be paid in the first 2years?
Mathematics
high-school
Hiroaki Machida
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1.03 = 3% interest
7000 x 1.03 = 7210
7210 x 1.03 = 7426.3
6% of compounding interest or $426.3
Mengjun
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May 27, 2019
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Mengjun
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