Question

alfred deposited $893.78 in a savings account that earns 2.2% simple interest. What is alfreds account balance after seven years?

Answer 1

@terenzreignz

Answer 2

The formula for simple interest is:

I = prt

I = interest earned
p = principal amount (amount invested)
r = interest rate written as a decimal
t = time in years

Calculate the interest using the formula above and add to the principal ($893.78).

Answer 3

What is my formula ?

Answer 4

@amistre64

Answer 5

I have no idea ? Is it right ?

Answer 6

isnt the answer 1031.42?
893.78*.022=19.6632(7)+893.78=1031.42
you multiply your base amount (893.78) by the interest in decimal form (.022) whih equals 19.66316 (this is the interest over only 1 year..so you have to multiply it over the course of 7 years which is 137.642) then add it to the starting base amount 893.78..so the answer is 1031.42

Answer 7

I = prt
I = $893.78 * 0.022 * 7
I = $137.64

$893.78 + $137.64 = $1031.42