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Amanda [17]
2 years ago
12

Alisa is investing $6,250 to get ready for college expenses. Her bank offers an annual rate of 6.12% per year and she plans to d

o this for 4 years. How much will she have saved after 4 years?​
Mathematics
1 answer:
Ugo [173]2 years ago
6 0

Money Alisa is investing each year = $6250

Number of years for which Alisa will be investing = 4

Annual interest rate for the investment = 6.12

We know that :

\color{hotpink}\tt \: simple \: interest \:  \color{plum}=  \frac{principal \times rate \times time}{100}

In this case :

Principal = $6,250

Rate = 6.12%

Time = 4 years

\hookrightarrow \:Principal + interest = Amount = Money Alisa would have saved at the end of 4 years

Money Alisa would have saved at the end of 4 years :

=\tt25000 +   \frac{25000 \times 6.12 \times 4}{100}

=\tt 25000 +  \frac{612000}{100}

= \tt25000 + 6120

\color{plum}= \tt\$31120

Therefore, money Alisa would have saved after 4 years = $31,120

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