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DerKrebs [107]
2 years ago
5

Samuel deposited money in an account that pays an annual simple interest rate of 3.5%. at the end of 5 years, samuel earns $2625

.00 in interest. how much money had he deposited in the account?
Mathematics
2 answers:
evablogger [386]2 years ago
4 0
He has deposited 1500 dollars into the account.
bezimeni [28]2 years ago
3 0
P=i/rt
P=2625/0.035*5
P==15,000
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$300 was deposited in a Certificate of Deposit (CD) yielding 6% interest compounded quarterly. how many years will it take the C
Ivan

The future value (A) of a one-time investment of principal amount P at interest rate r compounded n times per year for t years is ...

... A = P(1 +r/n)^(nt)

Putting your given numbers into the formula, we have

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Taking logarithms, this becomes the linear equation

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It will take <em>18 years</em> for the $300 CD to reach a value of $876.34.

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