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Ellie has $30 in a savings account that earns 7% interest. How much will she have in total in 5 years? A.$10.50 B.$1050 C. $40.50 D. $32.50
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Ellie has $30 in a savings account that earns 7% interest. How much will she have in total in 5 years? A.$10.50 B.$1050 C. $40.50 D. $32.50

User Moulitharan M
by
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1 Answer

4 votes
Assuming simple interest.

Simple Interest = PRT/100

Simple Interest = 30 * 7 * 5 /100 = 10.50

Simple Interest = $10.50

Amount = Principal + Interest = $30 + $10.50 = $40.50

(C)
User Patrick Fromberg
by
8.0k points
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