25 June, 18:03

Chanelle deposits \$7,500 she does not with draw or deposit money for 6 years she ears 6% in interest. How much interest will she have at the end of 6 years

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Answers (1)
1. 25 June, 19:31
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Answer: The interest that she will have at the end of 6 years is \$2700

Step-by-step explanation:

Chanelle deposits \$7,500 and she does not withdraw or deposit money for 6 years. This means that the initial amount and the interest accrued was not altered in 6 years.

She ears 6% in interest. To determine the amount of interest that she would have at the end of 6 years. We will apply the simple interest formula.

I = PRT/100

Where

I = simple interest

P = principal

R = interest rate

T = number of time in years

From the information given

P = \$7,500

R = 6

T = 6

I = (7500 * 6 * 6) / 100

I = \$2700
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