Question

Phonecia deposits $300 into a simple interest account that pays 3%. After 7 months what will be the totak value of her account

Answer 1

Hi there
The formula is
A=p (1+rt)
A future value?
P principle 300
R interest rate 0.03
T time 7/12

A=300×(1+0.03×(7÷12))
A=305.25

Hope it helps

Answer 2

It's $300*0.3*7 = $63.00
If the 3% interest is monthly.