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17 August, 19:15

An account pays 7%per year simple interest. In 1 year, the amount in the account is 950. How much is in the account in year 6

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  1. 17 August, 19:29
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    First year's interest is already given.

    There are 5 more payments of interest

    = 5 * 0.07 * 950 = 332.5

    so amount in the account after 6 years = 950 + 332.5 = 1282.5
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