Lily deposited $600 in an account that earned 4.2% simple interest. Se did not make additional deposits and she didn't withdraw
any money from the account.
What was the balance in Lily's investment account after 5 years?
2 answers:
Answer:
726
Step-by-step explanation:
The simple interest formula is as follows
AV=PV(1+it)
At time four this means that we have
AV=600(1+.042*5)
600*1.21= 726
Answer:
$726.00
Step-by-step explanation:
A = 600(1 + (0.042 × 5)) = 726
A = $726.00
The total amount accrued, principal plus interest, from simple interest on a principal of $600.00 at a rate of 4.2% per year for 5 years is $726.00.
Hope this helped
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