Heather deposited $1,700 at her local credit union in a savings account at the rate of 9.8% paid as simple interest. she will earn interest once a year for the next 13 years. if she were to make no additional deposits or withdrawals, how much money would the credit union owe heather in 13 years?

 $3865.8

Explanation:

The formula to find the simple interest is given by :-

, where P is the initial amount deposited , r is the rate of interest in decimal and t is the time period in years.

Given : P= $1700      ;    r= 9.8%=0.098     ; t=13 years

Then , the simple interest earned in 13 years will be :-

Now, the combined amount = P+I =$1700+$2165.8= $3865.8

Hence, the credit union would owe Heather $3865.8 in 13 years.

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