Monico invests $7,000 at 7% simple interest for 9 year. How much is in the account at the end of the 9 years period?
i = Prt
i = 7,000 x 0.07 x 9
Then total = 7,000 + i = ?
To find out how much will be in the account at the end of the 9-year period, you can use the formula for calculating simple interest:
I = P * r * t
Where:
I = interest earned
P = principal amount (initial investment)
r = interest rate (expressed as a decimal)
t = time (in years)
In this case, Monico invested $7,000 at an interest rate of 7% (0.07 as a decimal) for 9 years.
I = 7,000 * 0.07 * 9
Calculating this expression will give you the total interest earned over the 9-year period. To find the final account balance, you need to add the interest earned to the initial investment.
Total amount = Principal + Interest
Total amount = $7,000 + (7,000 * 0.07 * 9)
Calculating this expression will give you the final amount in the account at the end of the 9-year period.
To find the amount in the account at the end of the 9-year period, we can use the formula for simple interest:
Interest = Principal × Rate × Time
Where:
- Principal is the initial amount invested ($7,000 in this case)
- Rate is the interest rate per year (7% or 0.07 as a decimal)
- Time is the number of years (9 years in this case)
Substituting the given values into the formula:
Interest = $7,000 × 0.07 × 9
= $4,830
The interest earned over the 9-year period is $4,830. To find the total amount in the account, you need to add the interest earned to the initial investment:
Total amount = Principal + Interest
= $7,000 + $4,830
= $11,830
Therefore, at the end of the 9-year period, Monico will have $11,830 in the account.