Calculate the amount of interest you'll have at the end of the indicated period. You invest $700 in an account that pays simple interest of 4 % for 5 year(s).
Added by Joel W.
Step 1
Simple interest is calculated only on the initial amount (principal) that you invested. The formula for simple interest is: Interest = Principal x Rate x Time In this case, the principal is $700, the rate is 4% (or 0.04 when expressed as a decimal), and the time Show more…
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