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7 January, 12:08

Jasmine invested money at the Bank of America. The account has a 2.5%

annual rate. She earned $575 in interest over a 7 year period. How much money did she originally invest?

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  1. 7 January, 15:35
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    Answer: This is a compound interest

    A=P (1+r) ^n

    Where A=P+I

    P+575=P (1+0.025) ^7

    P+575=1.1887P

    P=3047
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