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11 December, 09:14

You invest 1000 in an account that pays simple interest of 6% for 30 years what. How much money will you have in 30 years

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Answers (2)
  1. 11 December, 09:24
    0
    I=PRT

    Interest=Principal times Rate times Time

    principal=amount invested

    r=rate in decimal

    t=time in years

    so

    P=1000

    r=6$=0.06

    t=30yr

    I = (1000) (0.06) (30)

    I=1800 interest

    you will have 1000+1800 or $2800 in 30 years
  2. 11 December, 09:27
    0
    A = P (1+rt)

    A = 1000 (1+.06x30) = 2800
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