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12 August, 00:14

Birute deposits $500 in a savings account with a simple interest rate of 1.3%

How could you use this information to find the interest she would earn in

4 years and determine the percent change in her savings account?

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Answers (1)
  1. 12 August, 00:43
    0
    The formula for simple interest is:

    A = P (1 + rt)

    P = principal, r = interest rate, t = years

    A = 500 (1+0.013x4)

    A = 526.00

    Interest = 526-500 = 26

    They will earn $26 in interest
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