Question

Ellie has $30 in a savings account that earns 7% interest. How much will she have in total in 5 years? A.$10.50 B.$1050 C. $40.50 D. $32.50

Answer 1

Assuming simple interest.

Simple Interest =  PRT/100

Simple Interest  =  30 * 7 * 5 /100 =  10.50

Simple Interest = $10.50

Amount = Principal + Interest = $30 + $10.50 = $40.50

(C)