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Volgvan
3 years ago
13

If a person invests $220 at 7% annual interest, find the approximate value of the investment at the end of 10 years.

Mathematics
2 answers:
xz_007 [3.2K]3 years ago
6 0
The amount is $432.77 and the interest is $212.77

frez [133]3 years ago
5 0

\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$220\\ r=rate\to 7\%\to \frac{7}{100}\dotfill &0.07\\ t=years\dotfill &10 \end{cases} \\\\\\ A=220[1+(0.07)(10)]\implies A=220(1.7)\implies A=374

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If your problem has a greater than sign (your problem now says that an absolute value is greater than a number), then set up an "or" compound inequality that looks like this:

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4 years ago
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Black_prince [1.1K]
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Interquartile
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