Answer: The amount that will be in the account after 11 years is $12679.5
Step-by-step explanation:
We would apply the formula for determining simple interest which is expressed as I = PRT/100 Where I represents interest paid on the amount invested. P represents the principal or amount invested. R represents interest rate T represents the duration of the investment. From the information given, P = 7900 R = 5.5% T = 11 years I = (7900 × 5.5 × 11)/100 = $4779.5 The amount that will be in the account after 11 years is 7900 + 4779.5 = $12,679.50
