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21 April, 08:50

Susan opened a savings account with $750 at 2.9 percent annual interest. If she keeps the money in the account for 2 years, what is the total amount in the account?

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  1. 21 April, 12:28
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    The answer is $793.50

    Explanation:

    To solve this, we will use the annual interest formula for simple interest, which is:

    A = P (1 + rt)

    Where:

    A is the final amount including principal P is the principal amount = $750 r is the rate per year = 2.9% or 0.029 (that is 2.9 divided by 100) t is the number of years = 2 years

    Next, we input these into the equation as follows:

    A = 750 (1 + 0.029 x 2)

    A = 750 (1 + 0.058)

    A = 750 (1.058)

    A = 793.5

    Therefore, Susan earns $793.50
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