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12 October, 04:06

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. 12 October, 05:47
    0
    So

    I=P⋅i⋅t=Ii⋅t=50000.04⋅6=20833.33
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