Question

You invest $3000 in an account at 3.5% per year simple interest. How much will you have in the account at the beginning of the 7th year? Round your answer to the whole dollar.

Answer 1

Answer: the answer is that you will have $3630 in the account at the beginning of the 7th year.

Explanation:

I = Prt

Using this formula:

I = Prt

I = 3000 x 0.035 x 6

I = $630

Therefore, the total amount in the account at the beginning of the 7th year will be

Total = Principal + Interest

Total = $3000 + $630

Total = $3630