Ms. Anderson deposits $7,000 into a savings account that pays a simple interest of 2% per year. Which of the following would be the total amount in her savings account at the end of 3 years?

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asked Mar 10, 2022 117k views

18 votes

Ms. Anderson deposits $7,000 into a savings account that pays a simple interest of 2% per year. Which of the following would be the total amount in her savings account at the end of 3 years?

Mathematics
high-school

Kelvt asked

by Kelvt

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1 Answer

10 votes

Answer:

$7,428.46

Explanation:

A = 7000(1 + .02)³

A = 7000(1.02)³

A = 7000(1.0612)

A = $7,428.46

Chrismanderson answered Mar 14, 2022

by Chrismanderson

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