Question

You invest a lump sum of $1,500 into a bank account that offers 7.75%

simple interest.
1) How much interest is earned each year? $
2) How much money will be in the account after 20 years? $

Answer 1

1. intrest earned per year $116.25

2. total after 20 years $3,825

116x20= $2325

$1500+ 2325=3825