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17 October, 20:25

You invest 1000 in an account that pays simple interest rate of 7% for 20 years

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  1. 17 October, 20:30
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    if the interest rate is anual, after 20 years the account would have $2400

    Explanation:

    (interest rate • $$$ invested • amount of time) + $$$ invested = $$$ after total amount of time

    (0.07 • 1000 • 20) + 1000 = 2400
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