SOLUTION: You invest $3000 in an account at 3.5% per year simple interest. How much will you have in the account at the beginning of the 7th year? Round your answer to the nearest whole doll

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Question 1118576: You invest $3000 in an account at 3.5% per year simple interest. How much will you have in the account at the beginning of the 7th year? Round your answer to the nearest whole dollar.
Answer by greenestamps(13209) About Me  (Show Source):
You can put this solution on YOUR website!


At the beginning of the 7th year, the money has been in the account for 6 years.

The simple interest on $3000 at 3.5% for 6 years is I = prt:

%283000%29%28.035%29%286%29+=+630

The amount in the account at the beginning of the 7th year is then the original amount plus the interest $3630.