Mark invested $500 in an account that pays 9% annual simple intrest.Make will not make any additional deposits or withdrawls.How much will mark earn on his investment at the end of 7 years

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Selom asked Apr 21, 2022

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Mark invested $500 in an account that pays 9% annual simple intrest.Make will not make any additional deposits or withdrawls.How much will mark earn on his investment at the end of 7 years

Mathematics
high-school

Selom asked Apr 21, 2022

by Selom

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9 votes

Answer:

$815

Explanation:

Given data

Principal= $500

Rate= 9%

TIme= 7 years

The simple interest formula is

A=P(1+rt)

substitute

A= 500(1+0.09*7)

A=500(1+0.63)

A= 500*1.63

A=$815

Alec Mather answered Apr 26, 2022

by Alec Mather

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