Question

Find the balance of a savings account at the end of 10 years old if the interest earned each year is 7.5% the principal is $500

Answer 1

I think the answer is $875 hope this helps you

Answer 2

Am going to assume simple interest.

Interest, I = PRT/100.

Where P = Principal, R = Rate per year, T = time in years

Interest, I = 500 * 7.5 * 10 / 100 = 375

So the balance would be the amount in the account. That would be:

Principal + Interest

500 + 375

= 875

Balance = $875.