A man invested $10,500 for 7 years at 5 ½ % per annum simple interest. (A) Determine the simple interest payed

(B) Calculate the amount of money he collected after the period of 7 years

Money invested by a man = $10,500

No.of years for which he invested his money = 7

Rate of interest = 5.5%

We know that :

Principal = 10500

Rate = 5.5%

Time = 7 years

Simple interest the man payed :

Therefore, the simple interest payed by the man = $4042.50

Money invested by the man (principal) = $10,500

The simple interest he payed = $4042.50

We know that :

The amount the man collected after a period of 7 years :

Thus, amount = $14520.50

Therefore the amount he collected after a period of 7 years = $14520.50