You deposit $750 in an account that earns 7.5% simple interest. How much will be in the account after 5 years?

Question

anonymous · Answer

A=P(1+r)^t
A=750(1+0.075)^5
A=1067.721995≈1,067.72
I think so, you must check! I'm not sure

anonymous · Answer

@dalia_lam It's called simple interest.

For an example according to my paper, it says:

You deposit $750 in an account that earns 7.5% simple interest. How much will be in the account after 5 years?

Answer: 200 x .05 (5%) - 10
20 x 10 = 200
200 current dollars + interest dollars = 400 dollars.

anonymous · Answer

sorry, i thought it was compound interest

anonymous · Answer

I'm sorry, I meant: *200 x .05 (5%) = 10

anonymous · Answer

I just want to say that I like your picture!