Question

Piper deposited $734.62 in a savings account that earns 2.6% simple interest. What is Piper’s account balance after seven years?

Answer 1

That would be $868.32

Answer 2

Balance in the saving account after 7 years is $ 868.32

Explanation:

Given:

Amount deposited in account, P = $ 734.62

Rate of interest , R = 2.6%

Time, T = 7 years

To find: Amount in account after 7 years.

Formula of Simple interest, SI =
`(P\time R* T)/(100)`

`SI=(734.62\time2.6*7)/(100)=133.70`

Amount, A = SI + P = 734.62 + 133.70 = $ 868.32

Therefore, Balance in the saving account after 7 years is $ 868.32