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anonymous

  • one year ago

You invest $5000 in an account at 5.5% per year simple interest. How much will you have in the account after 5 years? Round your answer to the nearest whole dollar. A. $6252 B. $6507 C. $6375 D. $6138

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  1. anonymous
    • one year ago
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    simple interest = principal * interest rate * number of periods

  2. anonymous
    • one year ago
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    plug in the values given

  3. anonymous
    • one year ago
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    so $5000*5.5%*5

  4. anonymous
    • one year ago
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    correct, so what does that equal?

  5. anonymous
    • one year ago
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    1375

  6. anonymous
    • one year ago
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    yep add that to the principle to get the total in account after 5 years

  7. anonymous
    • one year ago
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    c

  8. anonymous
    • one year ago
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    looks correct to me

  9. anonymous
    • one year ago
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    thx

  10. anonymous
    • one year ago
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    yw

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spraguer (Moderator)
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