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3 votes
3 votes
Find the simple interest on a $2,450 principal deposited for six years at a rate of 3.77% * $701.19 O $601.02 O $531.57 O $554.19​

User Sthe
by
2.8k points

1 Answer

16 votes
16 votes

Answer:

FV= $12,450

Explanation:

Giving the following information:

David invests $10,000 in a savings account that pays 3.5% simple interest.

To calculate the future value, we need to use the following formula.

FV= PV*(1+i*n)

n= 7

i= 0.035

PV= 10,000

FV= 10,000*(1+0.035*7)

FV= $12,450

User Zelfden
by
2.7k points
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