Question

you have $550 in a savings account that earns 3% simple interest each year . how much will be in your account in 10 years?

Answer 1

In 10 years that'd be .3% interest, so just multiply it by 550. Then add your answer to 550. So your answer would be 665.

Answer 2

Answer: $715

Explanation:

Given : Principal amount (P)= $550

Interest rate (r)= 3%
`=(3)/(100)=0.03`

Time period (t) =10 years

WE know that the formula of simple interest is

`S.I.=P\cdot\ r\cdot\ t`

`\\\Rightarrow\ S.I.=550\cdot0.03\cdot10\\\Rightarrow\ S.I.=\$165`

Now, the total amount in account after 10 years = Principal+ S.I.

Therefore, the total amount in account after 10 years =
`\$550+\$165=\$715`