Question 1151750


use equation:

 {{{A = P(1 + rt)}}} where {{{P}}} savings amount and {{{r}}}% is rate of interest per year, and {{{t}}} is number of years

given:{{{R=7 }}}%

 First, converting {{{R }}}percent to {{{r}}} a decimal:
{{{r = R/100 = 7/100 = 0.07}}} per year.

Putting time into years for simplicity,
{{{(9 / 12)months = 0.75 years}}}

Solving our equation:

{{{A = 3500(1 + (0.07 * 0.75))}}} 

{{{A}}} = ${{{3683.75}}}

The total amount accrued, principal plus interest, from simple interest on a principal of ${{{3500.00}}} at a rate of {{{7}}}% per year for {{{0.75}}} years ({{{9}}} months) is ${{{3683.75}}}.