Question

Find the simple interest on a $2,450 principal deposited for six years at a rate of 3.77% * $701.19 O $601.02 O $531.57 O $554.19​

Answer 1

FV= $12,450

Explanation:

Giving the following information:

David invests $10,000 in a savings account that pays 3.5% simple interest.

To calculate the future value, we need to use the following formula.

FV= PV*(1+i*n)

n= 7

i= 0.035

PV= 10,000

FV= 10,000*(1+0.035*7)

FV= $12,450