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Popular Word Problems >

Nora invested 1500 in a bond at a simple interest rate of 3%. how much will the bond be worth in total after 10 years

Solution

N or a in v es t e d 1500 in a b o n d a t a s im pl e in t eres t r a t e o f 3%. h o w m u c h w i ll t h e b o n d b e w or t h in t o t a l a f t er 10 ye a rs

Solution

Amount : 1950

Solution steps

Translate the problem into an equation:

A = 1500 (1 + 0.03 \cdot 10)

1500 (1 + 0.03 \cdot 10) = 1950

Amount : 1950

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