David invests $10,000 in a savings account that pays 3.5% simple interest.If David makes no withdrawals or deposits to the account,how much will be in the account after 7 years
David invests $10,000 in a savings account that pays 3.5% simple interest.If David makes no withdrawals or deposits to the account,how much will be in the account after 7 years
$10,000 x 3.5/100 =$350 simple interest for 1 year.
$350 x 7 =$2,450 simple interest for 7 years.
$10,000 + $2,450 =$12,450 Balance in the account after 7 years.
