document.write( "Question 1076170: Question 7
\n" ); document.write( "Ravi deposits
\n" ); document.write( "$7000
\n" ); document.write( " into an account that pays simple interest at a rate of
\n" ); document.write( "2%
\n" ); document.write( " per year. How much interest will he be paid in the first
\n" ); document.write( "6
\n" ); document.write( " years?
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Algebra.Com's Answer #690833 by Boreal(15235) $\"\"$ $\"About$

You can put this solution on YOUR website!
7000*(1.02)^6=$7883.12, round at the end.
\n" ); document.write( "The general formula is Po(1+r/n)^nt, where r=0.02 and n=1 here. \n" ); document.write( "

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