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Concept explainers
Simple Interest. Calculate the amount of money you will have in each account after 5 years, assuming that the account earns simple interest.
51. You deposit $800 in an account with an annual interest rate of 5%.
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Chapter 4 Solutions
Using And Understanding Mathematics: A Quantitative Reasoning Approach Plus Mylab Math With Integrated Review And Student Activity Manual Worksheets (7th Edition)
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- Nathaly deposited $12,500 in her bank account where it will earn 4% simple interest. How much interest will Nathaly earn in five years?arrow_forwardRachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest, compounded monthly. If she opened her account when she was 20 years old, how much will she have by the time she’s 55? How much of that amount was interest earned?arrow_forward
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