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An account earns simple interest. $350 at 3% for 10 years

a. Find the interest earned. $___

b. Find the balance of the account. $___

Respuesta :

Interest Earned: $105
Balance of the account: $455
abiolataiwo2015

a. The interest earned is $105.

b. The balance of the account is $455.

Interest earned

I = P × r × t

Where:

P = $350

r = 0.03

t = 10 years

a. The interest earned

I =I = P × r × t

I =350 × 0.03 ×10

I = $105

b. The balance in the account

Balance=$350 +$105

Balance= $455

Inconclusion the interest earned is $105 and the balance of the account is $455.

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