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27 May, 09:27

Last year, Deandre opened an investment account with S5800. At the end of the year, the amount in the account had increed by 7.5%. How much is this

increase in dollars? How much money was in his account at the end of last year?

Increase in amount: $

Year-end amount: $

+5
Answers (1)
  1. 27 May, 09:53
    0
    Step-by-step explanation:

    We would apply the formula for determining simple interest which is expressed as

    I = PRT/100

    Where

    I represents interest paid on the amount invested.

    P represents the principal or amount invested.

    R represents interest rate

    T represents the duration of the investment in years.

    From the information given,

    P = 5800

    R = 7.5

    T = 1 year

    I = (5800 * 7.5 * 1) / 100 = $435

    Therefore,

    The increase in amount is $435

    The Year-end amount is

    5800 + 435 = $6235
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