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5 August, 09:57

An investment of $25,000 pays 7% (simple) annual interest. What will be the total value of the investment in 10 years? Give your answer in dollars to the nearest dollar.

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  1. 5 August, 10:19
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    Answer: the total value of the investment in 10 years is $42500

    Step-by-step explanation:

    The formula for simple interest is expressed as

    I = PRT/100

    Where

    P represents the principal

    R represents interest rate

    T represents time in years

    I = interest after t years

    From the information given

    T = 10 years

    P = $25000

    R = 7%

    Therefore

    I = (25000 * 7 * 10) / 100

    I = 1750000/100

    I = $17500

    Therefore, the total value of the investment in 10 years would be

    25000 + 17500 = $42500
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