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20 October, 06:56

A bank offers a CD that pays a simple interest rate of 8%. How much must you put in this CD now in order to have $ 13,760 to replace all the windows in your house in 9 years?

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  1. 20 October, 10:30
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    R=8%

    T=9

    A=13760=P + S. I = P + P*R*T/100 = P (1 + R*T/100) = P (1+8*9/100) = P (1+0.72)

    SO, P = 13760/1.72 = 8000

    Thats the answer
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