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10 August, 17:34

Calculate simple interest

Question

If you deposit $5,000 into an account that pays 4% simple interest per year, what will the balance be in 6 years?

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Answers (1)
  1. 10 August, 18:51
    0
    So

    I=P⋅i⋅t=Ii⋅t=50000.04⋅6=20833.33
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