SOLUTION: Karen deposit 7000 into an account that pays simple interest at a rate of 5% per year. How much interest will she be paid in the first six years

SOLUTION: Karen deposit 7000 into an account that pays simple interest at a rate of 5% per year. How much interest will she be paid in the first six years

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Question 1001318: Karen deposit 7000 into an account that pays simple interest at a rate of 5% per year. How much interest will she be paid in the first six years
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Simple interest I=prt
So if it isn't compounded,
I = ($7000)(.05)(6) = $2100
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