Interest earned and The balance of the account are $105 and $455.
Simple Interest:
Given:
Amount invested = $350
Interest rate = 3% = 0.03
Number of year = 10 years
Find:
- Interest earned
- The balance of the account
Computation:
simple interest earned = PRT
Interest earned = (350)(0.03)(10)
Interest earned = $105
The balance of the account = 105 + 350
The balance of the account = $455
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