Answer :
Given :
principlal (P) = $210
interest rate (R) = 2%
period (T) = 7 years
Required :
Ending balance =?
The formula for simple interest (S.I)
[tex]S\mathrm{}I\text{ = }\frac{P\text{ }\times\text{ R }\times\text{ T}}{100}[/tex]When we substitute, we have:
[tex]\begin{gathered} SI\text{ = }\frac{210\text{ }\times\text{ 2 }\times\text{ 7}}{100} \\ =\text{ \$ 29.4} \end{gathered}[/tex]To find the ending balance, we use the formula:
[tex]\text{Ending balance = Principal + SI}[/tex]Hence:
[tex]\begin{gathered} \text{Ending balance = \$ 210 + \$ 29.4} \\ =\text{ \$ 239.4} \end{gathered}[/tex]