What is the simplified form of the following expression? Assume
1 answer:
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Given :
James puts $3,500 into a savings account that earns 2.5% simple interest.
He does not touch that account for 3 years.
To Find :
The new balance of the account be after 3 years.
Solution :
Interest on $3500 after 3 years is :
So, new balance of the account after 3 years is $( 3500+262.5 ) = $3762.5 .
Hence, this is the required solution.