7900 dollars is placed in an account with an annual interest rate of 5.5%. How much will be in the account after 11 years?
1 answer:
Answer:
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
substitute in the formula above
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