Question

an account pays 9% per year simple interest. in 1 year, the amount in the account is $750. how much is the account in year 6

Answer 1

Answer: $1087.50

Explanation:

Answer 2

$1059.63

Explanation:

Let the initial amount be x

Formula for simple interest is

`I=Prt\\\\I=x(0.09)(1)\\\\I=0.09x`

Now, the amount in 1 years becomes $750. Thus, we have

`x+0.09x=750\\\\1.09x=750\\\\x=688.07`

Therefore, the interest in 6 years is given by

`I=688.07(0.09)(6)\\\\I=\$371.56`

Therefore, the amount in 6 years is given by

= 688.07 + 371.56

= $1059.63