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Alex787 [66]
3 years ago
12

Raphael deposited $6,500 in an account that pays 4.25% interest, compounded annually. He left the money in the account for 4 yea

rs, without depositing money to it or withdrawing money from it. At the end of the 4 years, how much interest in dollars and cents did the account earn? Record your answer and fill in the bubbles on your answer document. Be sure to use the correct place value.
Mathematics
1 answer:
netineya [11]3 years ago
6 0

Answer:

$1105

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 4.25%/100 = 0.0425 per year,

then, solving our equation

I = 6500 × 0.0425 × 4 = 1105

I = $ 1,105.00

The simple interest accumulated

on a principal of $ 6,500.00

at a rate of 4.25% per year

for 4 years is $ 1,105.00.

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