Math

posted by .

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 -

    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.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    how much money would have to be invested in an account at 3.98% annual interset to achieve a balance of 25,000 in 17 years if a. The account pays simple interest b. the account compound interest qrtly c. the account compounds interest …
  2. math

    Suppose $500 is divided into two bank accounts. One account pays 15% simple interest per year and the other pays 10%. After three years there is a total of $200 in interest between the two accounts. How much was invested into the bank …
  3. Economics - Finance

    If your bank pays 5.5 percent interest on savings deposits, what is the simple interest paid in the third year on an initial $100 deposit?
  4. math

    A savings account opened 3 months ago now has a balance of Rs. 20,400. If the bank pays 8 percent p.a. Simple interest, how much money was deposited?
  5. Finance

    Bob Bryan made deposits of $10,000 at the end of each quarter to Lion Bank, which pays 8% interest compounded quarterly. After 9 years, Bob made no more deposits. What will be the account's balance 4 years after the last deposit?
  6. math

    Rob has a balance of 1695$ in his bank account The account pays 2.9% interest per year, compounded annually. The compound interest formula is A=P(1+i)^n A=future value\P=principal/i+interest rate/n=number of payments rods balance will …
  7. Finance

    First Simple Bank pays 6 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts compounded annually. Required: What rate should the bank set if it wants to match First Simple Bank over …
  8. math

    henrietta deposits $3500 to start a new bank account. it earns a simple interest rate of 6.5% per year. henrietta makes no more to deposits to the account. how much interest will henrietta have earned after three years?
  9. Algebra

    Suppose $6,500 is divided into two bank accounts. One account pays 10% simple interest per year and the other pays 4.6%. After two years there is a total of $1000 in interest between the two accounts. How much was invested into the …
  10. math

    walter deposits $5,000 in a bank account that pays 9% simple interest. If he doesn't change the principal, what will his balance be in 4 years?

More Similar Questions