Question

You put $400 in a savings account. The account earns 7% simple interest per year.

a. What is the interest earned after 10 years?

b. What is the balance after 10 years?

Answer 1

786.86 would have been earned after ten years.

After ten years the balance would be 1186.86

Explanation:

First I put the numbers into the equation 400l(1+.07/1)^10 and solved it to get 786.86 then added that to the original amount getting the second part of the answer :)