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Andru [333]
3 years ago
9

Sally spent half of her allowance going to the movies. She washed the family

Mathematics
1 answer:
Elan Coil [88]3 years ago
4 0

does it give the answer choice or is it a blank space?

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You worked as a lifeguard this summer and earned an extra $3,000. You decided to deposit that amount into your savings account.
Nataly [62]

Answer:

The correct answer is $3300 for simple interest and $3312.24 for compound interest.

Step-by-step explanation:

Income as working as a lifeguard = $3000

We deposit the money in a bank which offers 2% interest annually for a period of 5 years.

Case 1 : Calculating simple interest for the given situation.

Amount after 5 years = 3000 + 3000 × 2 × 5 × \frac{1}{100} = $ ( 3000 + 300) = $3300.

Case 2 : Calculating compound interest for the given situation.

Amount after 5 years = 3000 × (1 + \frac{2}{100} ) ^{5} = $ 3312.24.

Thus the amount after 5 years amount simply is $3000 and compoundly is $3312.24

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