Amal deposited $1550 at 8.6% simple interest for 7 years. What is the accumulated amount at the end of this period?* (2 Points) $2483.1 $11783.1 $10822 $3420 non of the above

ANSWER = $ 2483.10

Calculation of Interest on deposit:

We know that,

Interest = Principal x Rate x Time

Interest = 1550 x 8.6% p.a. x 7 years

Interest = $ 933.1

Calculation of accumulated amount :

Accumulated amount = Principal Deposited + Interest Earned

Accumulated amount = 1550 + 933.10

Therefore, Accumulated amount = $ 2483.10