Elizabeth’s aunt started a college savings account for her with $6,000. What is the balance of the account after 5 years if the
simple interest rate is 2.5%
1 answer:
Answer:
6750
Step-by-step explanation:
simple interest = P×r%×t
P = $6000
r = 2.5%
t = 5 years
I = 6000 × 2.5/100 × 5
= 750
6000 + 750 = $6750
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