Find the final balance in an account with $660 invested at 3.5% annual simple interest for five years.

Question

Mathematics

Carl Lynch

14 June, 12:24

Find the final balance in an account with $660 invested at 3.5% annual simple interest for five years.

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Answers (1)

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Daniela Spears · Answer 1

The equation for simple interest is:

A=P (1+rt)

Where:

A=amount

P=principal amount

r=rate as a decimal

t=time

So:

660 (1 + (0.035*5)) = $775.50