Bob A. answered • 10/30/14

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20 Years Making Science and Maths Understandable and Interesting!

We need to know if it is simple interest

$5,000 (0.07) = $350 per year or a total of

$5000 + 10 ($350) = $5000+$3500 = $8,500

OR if it is compounded interest

and if it is compounded each year,

twice a year, or each month, or daily

or at some other rate.