Alvarez has $650 deposited into his bank account. The account earns simple interest of 5. 5% per year. No other money is added o
r withdrawn from the account for a period of four years. What is the total amount of money in the account after four years?
1 answer:
Answer:
$793
Step-by-step explanation:
The amount of money in an account earning simple interest is given by the formula ...
A = P(1 +rt)
where P is the principal invested at rate r for t years.
__
Using the values given in the problem statement, the account balance can be found to be ...
A = $650(1 +0.055×4) = $650×1.22 = $793
There will be $793 in the account after 4 years.
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