The total amount in the bank account after 7 years will be $1490
Simple interest is a way to figure out how much interest will be charged on a sum of money at a specific rate and for a specific duration of time. The principal amount in simple interest is constant.
The formula for simple interest = (P*R*T)/100
where P = principal amount
R = rate of interest
T = time in years
As per the question,
P = 1000
R = 7%
T = 7 Years
Simple interest will be = (1000*7*7)/100 = $490
The amount of money in the savings account at the end of 7 years will be $1000 + $490 = $1490
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