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    Mary Just Deposited $33,000 In An Account Paying 10% Interest. She Plans To Leave The Money In This Account For Seven Years. How Much Will She Have In The Account At The End Of The Seventh Year?

    in this account for seven years. How much will she have in the account at the end of the seventh year? Mary and Joe would like to save up $10,000 by the end of three years from now to buy new furniture for their home. They currently have $2500 in a savings account set aside for the furniture. They would like to make equal year end deposits to this savings account to pay for the furniture when they purchase it three years from now. Assuming that this account pays 8% interest, how much should the year end payments be?

    asked 7 months ago

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    The formula is:
     
    I=prt  where I = interest, p=principal invested, r= rate you are getting and t= time
     
    plug in what you know and get:
     
    I= 30,000 * 0.10 * 7
     
    the answer is I= 21,000

    answered 7 months ago   

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