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Anit [1.1K]
3 years ago
14

Is Gross pay more or less than net pay?

Mathematics
1 answer:
GREYUIT [131]3 years ago
6 0
Be more than net pay
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You are opening a savings account with $500 that you have saved. The bank offers 3.2% interest, compounded yearly. How much mone
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You will have $623.3441462 in your account after 7 years

Step-by-step explanation:

The formula of the compounded interest is A = P (1+\frac{r}{n})^{nt} , where

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  • P is the initial value
  • r is the rate in decimal
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∴ P = 500

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∴ r = 3.2 ÷ 100 = 0.032

∵ The interest is compounded yearly

∴ n = 1

∵ The time is 7 years

∴ t = 7

→ Substitute these values in the rule above to find A

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