Question

Rufus invest 10,000 in a savings account that pays 3.5 simple interest each year. If Rufus makes no withdrawal or deposits to the account how much money will be in the account after 7 years ?

Answer 1

$1272.28

Explanation:

Our equation is

`p*(1+x)^(t)` , with p being the starting amount, x being the interest rate, and t being the time. Plug our variables in to get

`1000*(1+0.035)^(7)` = around 1272.28