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28 August, 00:22

A local car dealership is holding a year-end event because new car models have just been released. Declan has $35,000 to spend on a car. The car Declan decides to buy for his family costs $35,000. However, it is part of the year-end event, which means he receives a 15% discount on the new car. Declan plans to put the money he saves on the car into a new bank account. The bank account has a yearly simple interest rate of 4%, paid at the end of each year. If Declan does not add any other money to this bank account, it will take 6 years for Declan's bank account to reach $6,720.

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  1. 28 August, 00:49
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    The amount Declan saves from the discount is 15% of $35,000

    which is $5250

    This Amount $5250 is the amount Declan invests in the bank

    This is the Amount the bank pays at the end of the time T of saving

    Step-by-step explanation:

    The simple Interest is calculated by

    I = (P x R x T) / 100

    where I is the Interest

    R is the rate in percentage

    T is the time the money will be saved

    Another Important quantity is the Amount A

    A = I + P
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