Answer:
$3735
Step-by-step explanation:
The formula for simple interest is I = Prt, where I is the interest earned, P is the initial investment, r is the interest rate in decimal form, and t is the time in years. We have everything we need to find the interest, which is the amount your investment earned while it sat there for 7 years. Once we find that interest amount, we will add it to the intial investment to find the total amount after 7 years that your money has grown to.
I = 3000(.035)(7) so
I = 735
3000 + 735 = 3735
Answer:
$3,630
Step-by-step explanation:
You invest $3,000 in an account at 3.5% per year simple interest.
We have to calculate the amount in the account at the beginning of the 7th year. This means we have to calculate the interest for completed 6 years.
Formula for simple interest
A = P(1+rt)
A = Amount after maturity
P = Principal amount ( 3,000)
r = rate of interest in decimal ( 0.035)
t = time in years ( 6 )
Now we put the values in to formula
A = 3,000(1 + 0.035 × 6)
A = 3,000 ( 1 + 0.021 )
A = 3,000 × 1.21
A = $3,630
The amount would be $3,630 at the beginning of the 7th year.
