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Mary opened a savings account with a $700 deposit and a simple interest rate of 4.9%. If there are no other deposits or withdrawals, how much money is in the account after 7.5 years?
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Mary opened a savings account with a $700 deposit and a simple interest rate of 4.9%. If there are no other deposits or withdrawals, how much money is in the account after 7.5 years?

User Michael Longhurst
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2 Answers

4 votes

Answer:

957.25

Explanation:

User Ronelle
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5 votes
Take $700 divided by 100 and you get 7 so for every 1% =$7.00 you have 4.9% so $7.00x4.9%=34.3 34.3x7 1/2 years is an interest rate of 257.25 plus the original $70”
Answer: 957.25
User MnkDude
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7.4k points
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