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baherus [9]
3 years ago
6

Markiya deposited $500 in a savings account. The annual interest rate is 2%, and the interest is compounded monthly. Write a com

pound interest function to model this situation. Then find the balance in Markiya’s account after 4 years.
Mathematics
2 answers:
Alexxandr [17]3 years ago
8 0
I agree the answer is 40 dollars. 
motikmotik3 years ago
7 0
I=Prt
I=500*0.02*4
I=$40

So, basically the answer is $40.
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How many years would it take to make $500 interest on a 12000 investment at 3% per year
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Answer:

t=1.4\ years

Step-by-step explanation:

we know that

The simple interest formula is equal to

I=P(rt)

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I is the Final Interest Value

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r is the rate of interest  

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in this problem we have

t=?\\ P=\$12,000\\ I=\$500\\r=3\%=3/100=0.03

substitute in the formula above

500=12,000(0.03t)

solve for t

500=360t

t=500/360

t=1.4\ years

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