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.
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