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1 year ago

15

You have $5,000 to invest for ten years. The Bank pays simple interest at an annual rate of 5%. Calculate your balance after 10

years.

1 answer:

Mazyrski [523]1 year ago

3 0

Answer: $7,500

Step-by-step explanation:

Use the formula: SI = P(1 + rt)

SI = 5000(1 + 0.05[10])

SI = 5000 + 2500

SI = $7,500

After 10 years, your balance should be $7,500

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2 years ago

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2 years ago

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