Question

You deposit 600$ in a savings account.the account earns 10% simple interest per year

A. What is the interest after 10 years?


B.what is the balance after 10 years

Answer 1

A) $600

B) $1200

Explanation:

First, converting R percent to r a decimal

r = R/100 = 10%/100 = 0.1 per year,

then, solving our equation

I = 600 × 0.1 × 10 = 600

I = $ 600.00

The simple interest accumulated

on a principal of $ 600.00

at a rate of 10% per year

for 10 years is $ 600.00.