Question

Starting with $7,500 in your account, how much money will you have saved in 10 years in a simple interest account with a rate of 3.45%. What is the total amount of interest earned at the end of 10 years (account balance - $7,500)

Answer 1

$10087.5

Explanation:

take $7,500× 3.45% = $258.75 ×10= 2587.5+ the 7500= 10087.5