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mezya [45]
3 years ago
9

Sara deposited $390 into the bank. She earned 3% simple interest. What is her balance after 5 years?

Mathematics
1 answer:
poizon [28]3 years ago
7 0

Answer:

$448.50

General Formulas and Concepts:

<u>Pre-Algebra</u>

  • Order of Operations: BPEMDAS

<u>Statistics</u>

Simple Interest Rate Formula: A = P(1 + rt)

  • A is final amount
  • P is principal amount
  • r is rate
  • t is time (in years)

Step-by-step explanation:

<u>Step 1: Define variables</u>

P = 390

r = 0.03

t = 5

<u>Step 2: Find </u><em><u>A</u></em>

  1. Substitute:                    A = 390(1 + 0.03 · 5)
  2. Multiply:                        A = 390(1 + 0.15)
  3. Add:                              A = 390(1.15)
  4. Multiply:                        A = 448.50

And we have our final answer!

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