SOLUTION: What is the simple interest on $700 invested at 5% per year for 2 years?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: What is the simple interest on $700 invested at 5% per year for 2 years?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 263525: What is the simple interest on $700 invested at 5% per year for 2 years?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
The 1st year:
700%2A.05+=+35
Now I start off the 2nd year with $735
735%2A.05+=+36.75
35+%2B+36.75+=+71.75
My total interest is $71.75