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26 July, 17:56

Find the final balance in an account with $660 invested at 3.5% annual simple interest for five years.

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  1. 26 July, 18:08
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    The equation for simple interest is:

    A=P (1+rt)

    Where:

    A=amount

    P=principal amount

    r=rate as a decimal

    t=time

    So:

    660 (1 + (0.035*5)) = $775.50
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