deposits \$700 into an account that pays simple interest at a rate of 6\% per year. How much interest will he be paid in the first 5 years?

Question

deposits \$700 into an account that pays simple interest at a rate of 6\% per year. How much interest will he be paid in the first 5 years?

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Ivy 3 weeks 2021-09-23T02:26:04+00:00 1 Answer 0

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    2021-09-23T02:27:55+00:00

    Answer:

    $210

    Step-by-step explanation:

    (I = A – P = $210.00)

    Equation:

    A = P(1 + rt)

    Calculation:

    First, converting R percent to r a decimal

    r = R/100 = 6%/100 = 0.06 per year.

    Solving our equation:

    A = 700(1 + (0.06 × 5)) = 910

    A = $910.00

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