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Serjik [45]
3 years ago
14

Monique opens a savings account with $500. the simple interest rate is 4%, calculated annually. how much money will she have in

her account after 30 years, Assuming she does not touch the money during that time frame?
Mathematics
2 answers:
liraira [26]3 years ago
6 0
500 times 0.04  (4%) to find out how much she will earn in a year


500 times 0.04 is 20

Thus, she will earn 20 per year


now 20 times 30 years is 600.

Finally 600 + 500 is 1100. which means she would have 1100 dollars after 30 years
Lapatulllka [165]3 years ago
3 0
Solutions 

We know that <span>Monique opens a savings account with $500. the simple interest rate is 4%, calculated annually. 
</span>
Our first step to solve this problem will be to convert 4% to decimal. 

4% = 0.04  

500 * 0.04  = how much she will earn in a year


500 * 0.04 = 20

Monique will earn $20 per year.

Since we are looking at how much money will she have in her account after 30 <span>years, we have to multiply 20 by 30. 
</span>
20 * 30 = 600.

Add everything up

600 + 500 is 1100.


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