Homework Help: Math

Posted by Nancy on Monday, March 1, 2010 at 7:34pm.

Randy deposits $7,540 in a bank account that pays 4.5 percent simple interest. If he doesn't change the principle, what will his balance be in 10 years?

Math - Lily, Tuesday, May 14, 2013 at 1:07am
The formula for Simple Interest is Interest= Principle x Rate x Time. You fill in the formula- ?= 7540 x 4.5% x 10. Then, you turn the rate into a fraction- 0.045. Fill in the formula again, 7540 x 0.045 x 10, you multiply. 7540 x 0.045 x 10 = 3393. The interest after ten years will be $3393.

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