Question

Meredith deposited $200 into an account. The account pays simple interest at a rate of 6%. How much money will be in Meredith’s account at the end of 7 years?

Answer 1

Answer:

Step-by-step explanation:

Here,

Principle (p) =$200

Rate (r)=6%

Time (t)=7years.

So By the formula of simple interest

Interest (I)=p*t*r/100.

=200*6*7/100

=2*6*7

=$84

So, Meredith's account will receive a simple interest of 84 dollars at the end of seven years