A savings account is set up so that the simple interest earned on the investment is moved into a separate account at the end of each year. If an investment of $7,000 is invested at 7.5%, what is the total simple interest accumulated in the checking account after 3 years.
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Answers
Answered by
1
Answer:
$1575 for three years accumulated interest
Answered by
1
Answer:
$1575
Step-by-step explanation:
simple Interest= P(principle)×R(rate per year)×time(yr) divided by 100
so 7000 is the principle
7.5 is the rate per annum
and the time is 3 years
putting it in formula, it becomes
(7000×7.5×3)÷100
the answer will be $1575
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