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Elena-2011 [213]
3 years ago
14

5. Olivia is trying to save money to buy a car.

Spanish
1 answer:
atroni [7]3 years ago
3 0

The total money in her account after 3 years will be $530

<h2>Explanation:</h2>

The Simple Interest Equation (Principal + Interest) , is given by the following equation:

A = P(1 + rt)

Where:

A = Total Accrued Amount (principal + interest)

P = Principal Amount

I = Interest Amount  (Prt)

r = Rate of Interest per year in decimal

t = Time Period involved in months or years

So here:

P=500 \\ \\ r=2\%=\frac{2}{100}=0.02 \\ \\ t=3

Substituting values:

A = P(1 + rt) \\ \\ A=500(1+0.02\times 3) \\ \\ A=530

Finally, the total money in her account after 3 years will be $530

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