A sum of $ 11625.80 will be in the account after 17 years. The amount is found by its specified formula.
What is the definition of simple interest?
It is defined as the interest based on the principal amount, it does not include the compounded amount. The interest calculates on the initial amount of borrowed amount.
Given;
P(principal)=$ 3400
R(rate)= 7-5%.
t(time)=17
The formula for the amount is;
[tex]\rm A= P(1+\frac{R}{100} )^t \\\\ A=3400 (1+\frac{7.5}{100} )^{17}\\\\ A=\$ \ 11,625.80[/tex]
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