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21 February, 09:37

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

A.$1316.27

B.$1282.50

C.$1256.50

D.$1332.42

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  1. 21 February, 09:49
    0
    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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