Question

Miriarn's parents deposited $1000 in a savings account as a college fund when

she was born. How much money will Miriam have in this account after 18 years at
a yearly simple interest of 3.5%?

Answer 1

$1630

Explanation:

the interest one year

=$1000×3.5%

=$1000×3.5/100

=$35

the money that Miriam have after 18 years

=$1000+18($35)

=$1000+$630

=$1630