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OpenStudy (anonymous):
5 years ago maria deposited $500 in a simple interest account. the interest rate is 7.25%. how much money is now in marias account?
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OpenStudy (radar):
I=prt, Simple Interest Formula I=Interest, P=Principal, t=time, r=interest rate I=500x.0725x5
OpenStudy (anonymous):
Is it continuously compounded? or just annually?
OpenStudy (radar):
It was stated as a simple interest account.
OpenStudy (radar):
Money in the account is $500.00 plus interest of $181.25=$681.25
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