Question

7900 dollars is placed in an account with an annual interest rate of 5.5%. How much will be in the account after 11 years, round to the nearest cent

Answer 1

Answer:

If it is simple interest , then the amount of interest after 11 years = 7900×5.5×11/100=4779.50

So the amount will be =7900+4779.50=12679.50