Layla invests money in an account paying a simple interest of 6.4% per year. If she invests $120 and no money will be added or r
emoved from the investment, how much will she have in one year, in dollars and cents?
1 answer:
Answer:
$127.68
Step-by-step explanation:
Rate= 6.4%
Principal= $120
Time = 1 year
Required
The final amount A
Step two
A=P(1+rt)
substitute
A=120(1+0.064*1)
A=120(1.064)
A=120*1.064
A=$127.68
Hence the final amount is $127.68
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