Answer:
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the amount invested.
P represents the principal or amount invested.
R represents interest rate
T represents the duration of the investment in years.
From the information given,
P = 10000
R = 3.5%
T = 7 years
I = (10000 × 3.5 × 7)/100 = $2450
The amount that will be in the account after 7 years is
10000 + 2450 = $12450
