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Katarina [22]
3 years ago
6

Edwin Pritchard deposited 7,500 in a 3 - year, time - deposit account that pays simple interests at a 5.9% annual rate. What tot

al amount of interest will Edwins deposit earn in three years?
Business
1 answer:
NISA [10]3 years ago
7 0

Answer: Edwin's deposit will earn an interest of $1327.50

We determine the simple interest on an amount deposited with the following formula:

SI = P*N*R

where

SI = Simple Interest

P = Principal or the amount deposited

N = Number of years for which the deposit is made

R = annual rate of interest on the principal

Substituting the values from the question in the formula above we get,

SI = 7500 * 3 * 0.059

SI = 1327.50

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C.

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David and Sandra Dess contracted with Sirva Relocation, LLC, to assist in selling their home. In their contract, the Desses agre
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You plan on saving for a large home improvement project using the following cash flows: $50,000 today, $25,000 next year, and $1
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