Question

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

Answer 1

$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