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aleksandrvk [35]

1 year ago

8

suppose you have $550 to invest in an account that earns 14% each year how much money will you have after two years round to the

nearest penny

1 answer:

Anarel [89]1 year ago

6 0

The formula for the simple interest is as follows

$A=P(1+rt)$

Thus, substitute the values of the following

$\begin{gathered} P=550 \\ r=0.14 \\ t=2 \end{gathered}$

where <em>P</em> is the principal amount, <em>r</em> is the interest rate in decimals, and <em>t</em> is the time in years.

$A=550\lbrack1+0.14(2)\rbrack$

Multiply 0.14 and 2.

$A=550(1+0.28)$

Add 1 and 0.28.

$A=550(1.28)$

Multiply.

$A=704$

Thus, it'll amount to $704 in 2 years.

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