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you have $550 in a savings account that earns 3% simple interest each year . how much will be in your account in 10 years?

Respuesta :

In 10 years that'd be .3% interest, so just multiply it by 550. Then add your answer to 550. So your answer would be 665.
JeanaShupp

Answer: $715


Step-by-step explanation:

Given : Principal amount (P)= $550

Interest rate (r)= 3%[tex]=\frac{3}{100}=0.03[/tex]

Time period (t) =10 years

WE know that the formula of simple interest is

[tex]S.I.=P\cdot\ r\cdot\ t[/tex]

[tex]\\\Rightarrow\ S.I.=550\cdot0.03\cdot10\\\Rightarrow\ S.I.=\$165[/tex]

Now, the total amount in account after 10 years = Principal+ S.I.

Therefore, the total amount in account after 10 years =[tex]\$550+\$165=\$715[/tex]

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