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10 March, 18:38

Miguel deposits 680.00 in an account that pays 3.5% simple interest. if he neither adds more money nor withdraws any money, what amount will be in the account after 6 years?

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  1. 10 March, 18:50
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    I=PRT

    I=interst

    P=invested amount

    R=rate in decimal

    T=time in years

    given

    P=680

    R=3.5%=0.035

    T=6

    I=680*0.035*6

    I=142.8

    that is interest

    total is interest+principal=680+142.8=822.8

    after 6 years, $822.80 is in the account
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