Discover a wealth of knowledge and get your questions answered at IDNLearn.com. Our platform offers reliable and comprehensive answers to help you make informed decisions quickly and easily.
Sagot :
The account be worth in 7 months is 375.725 .
What is the amount in simple interest?
Amount (A) is the total money paid back at the end of the time period for which it was borrowed. The total amount formula in case of simple interest can also be written as: A = P(1 + RT)
Here, A = Total amount after the given time period.
Given that,
P = $350, R = 1.05%, T = 7 month
The simple interest equation uses "t" as years, but is just cycles, using an APR rate.
now, if we never mind "t" as years and just use it as an interest cycle, then we can say the rate is 1.05% and the period is 7 cycles.
A = P(1 + RT)
= 350(1+1.05%×7)
= 350(1+0.0105×7)
= 350(1+0.0735)
= 350×1.0735
A = $375.725
Hence, The account be worth in 7 months is 375.725 .
To learn more about simple interest from the given link:
https://brainly.com/question/25793394
#SPJ4
We greatly appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. Accurate answers are just a click away at IDNLearn.com. Thanks for stopping by, and come back for more reliable solutions.
