Question

Rapunzel has a savings account with $880 in it that earns 9.4% simple interest per year. How much money will Rapunzel have in 10 years?

Answer 1

$1707.2

Explanation:

Given data

Principal= $880

Rate= 9.4%

Time= 10years

The simple interest formula is

A= P(1+rt)

substitute into the formula to solve for A

A= 880(1+0.094*10)

A=880(1+0.94)

A=880*1.94

A=$1707.2

Hence the Amount after 10 years is $1707.2