Problema Solution
You invest $300 in an account at 7.5% per year simple interest. How much will you have in the account after 10 years? Round your answer to the nearest whole dollar.
Answer provided by our tutors
P = $300
r = 0.075 or 7.5%
t = 10 years
I = the interest
I = P*r*t
I = 300*0.075*10
I = $225
P + I = 300 + 225 = $525
after 10 years there will be $525 on the account.