Question

Mr.matt plans to invest 7,500 in a savings account that earns 2.75% simple anual interest.if he makes no deposits or withdrawal ls how much money will his account be worth after 10 years

Answer 1

`\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$7500\\ r=rate\to 2.75\%\to (2.75)/(100)\to &0.0275\\ t=years\to &10 \end{cases} \\\\\\ A=7500(1+0.0275\cdot 10)`