Ask Question
24 March, 04:09

An account pays 7% per year simple interest. In year 1, the amount in the account is $950. How much is in the account in year 6?

A.$1316.27

B.$1282.50

C.$1256.50

D.$1332.42

+3
Answers (1)
  1. 24 March, 05:02
    0
    There are 5 more payments of interest

    = 5 * 0.07 * 950 = 332.5

    so amount in the account after 6 years = 950 + 332.5 = 1282.5
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “An account pays 7% per year simple interest. In year 1, the amount in the account is $950. How much is in the account in year 6? A.$1316.27 ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers