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Tom deposits $1000 into a savings account. That earns 5% simple interest. He has this account for 7 years. How much does it contain now?
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4 votes
Tom deposits $1000 into a savings account. That earns 5% simple interest. He has this account for 7 years. How much does it contain now?

User Dmytro Mitin
by
6.9k points

1 Answer

6 votes

Answer:

$1350

Explanation:

5% of 1000 is 50

50x7 is 350

1000+350=1350

User Jimmy Johnson
by
6.6k points
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