Samurai11
Answered

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?.
7,000 dollars is placed in a savings account with an annual interest rate of 3%. If no
money is added or removed from the account, which equation represents how much
will be in the account after 7 years?
A. M= 7,000(0.03)

B. M= 7,000(1 + 0.03)(1 + 0.03)
C. M= 7,000(1 - 0,03)
D M= 7,000(1.03)

Sagot :

reecerose65

Answer:

.C

Step-by-step explanation:

Total Amount on principal 7000dollars  at the rate of interest 3%  for time period 7years is equals to $8470.

What is simple interest?

" Simple interest is a method of calculating interest on the amount of money deposited for fixed period on fixed rate of interest."

Formula used

[tex]Amount = P ( 1+ rt) \\P= Principal\\r= Rate of interest\\t= time period[/tex]

According to the question,

Given,

Principal 'P' = $7000

Rate of interest 'r'= 3%

Time period 't' = 7years

Substitute the value in the formula to get total amount with interest,

[tex]Amount = 7000 [ 1+ (\frac{3}{100} )(7)][/tex]

             [tex]=7000[ 1+ (0.03)(7)]\\=7000(1.21)\\=8470 dollars[/tex]

Hence, the total Amount on principal 7000dollars  at the rate of interest 3%  for time period 7years is equals to $8470.

Learn more about simple interest here

https://brainly.com/question/22621039

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