Answer:
Answer: $715
Step-by-step explanation:
Given : Principal amount (P)= $550
Interest rate (r)= 3% = 3/100 = 0.03
Time period (t) =10 years
WE know that the formula of simple interest is
S.I. = (P) (r) (t)
S.I. = 550 x 0.03 x 10
S.I. = $165
Now, the total amount in account after 10 years = Principal+ S.I.
Therefore, the total amount in account after 10 years = $550+$165 = $715
