SOLUTION: Question 7
Ravi deposits
$7000
into an account that pays simple interest at a rate of
2%
per year. How much interest will he be paid in the first
6
years?
Algebra.Com
Question 1076170: Question 7
Ravi deposits
$7000
into an account that pays simple interest at a rate of
2%
per year. How much interest will he be paid in the first
6
years?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
7000*(1.02)^6=$7883.12, round at the end.
The general formula is Po(1+r/n)^nt, where r=0.02 and n=1 here.
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