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penfila11Pen
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This is an example of a simple interest

The formula to calculate simple interest is:
I = prt  ( In the picture attached you can see what each stands for )

Given are initial amount → $600
                 interest anually → 1.7%
                 time  → 10 years

Let us convert the interest percentage into decimals
[tex] \frac{1.7}{100} = 0.017[/tex]

I = ( 600 )( 0.017 )( 10 )
  = $102

We need to add this amount to the initial to find what is left over a time period of 10 years

$600 + $102 = $702

$702 will be left in your account

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