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Popular Word Problems >

Felicity deposits 200 into her savings account which earns 1.75% simple interest per year. What is her account balance after 10 years?

Solution

F e l i c i t y d e p os i t s 200 in t o h er s a v in g s a cco u n t w hi c h e a r n s 1.75% s im pl e in t eres t p er ye a r . Wha t i s h er a cco u n t ba l an ce a f t er 10 ye a rs ?

Solution

Amount : 235

Solution steps

Translate the problem into an equation:

A = 200 (1 + 0.0175 \cdot 10)

200 (1 + 0.0175 \cdot 10) = 235

Amount : 235

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