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Tom [10]
3 years ago
7

Valentina invested $6500 in a savings accoint with a yearly interest rate of 4% for 7 years. How much simple interest did she ea

rn?
Business
1 answer:
Digiron [165]3 years ago
4 0
The equations is A= P(1 + r)^t, where P is the amount invested, r is the interest rate, and t is the time.  So A, your total amount in the bank account including interest, is equal to 6500(1.04)^7, which is The answer is $8553.56 (that's what I rounded to). That is your total, so subtract 6500 from that number and you'll get the interest amount. 

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Explanation:

In this question we use the RATE formula that is shown on the attachment below:

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3 years ago
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