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16 October, 00:37

Mr. Caldwell opened a savings account with an initial deposit of $560 and will not make any additional deposits or withdrawals. The account earns 2%simple interest. What is the total amount that Mr. Caldwell will have in his account at the end of 3 years?

Answers (1)
  1. 16 October, 01:11
    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100


    I represents interest paid on the amount deposited.

    P represents the principal or amount amount deposited

    R represents interest rate

    T represents the duration in years.

    From the information given,

    P = 560

    R = 2%

    T = 3 years

    I = (560 * 2 * 3) / 100 = $33.6

    Therefore, the total amount that Mr. Caldwell will have in his account at the end of 3 years is

    560 + 33.6 = $593.6
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