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You have $250 to invest for 5 years at 3.5%. What will the total amount be in your account if it is invested using simple interest?

You have $250 to invest for 5 years at 3.5%. What will the total amount be in your account if it is invested using simple interest?
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5 votes
You have $250 to invest for 5 years at 3.5%. What will the total amount be in your account if it is invested using simple interest?

User Vincent Tan
by
8.2k points

2 Answers

3 votes
Interest = PRT
$250 x 0.035 x 5 = $43.75
$250 + $43.75 = $293.95
User MikeT
by
8.3k points
3 votes
250/3.5= 72.45857142857143
72.45857142857143/5=14.28
User Liju
by
9.0k points
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