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21 December, 02:31

John wants to invest in a simple intereset savings account The intereset rate on this account is 0.7%. The account balance y can be modeled by the following linear equation: y=150,000+150,000 (0.007) x where x represents the time (in years) that John leaves her money in the account. What is Johns Initial investment?

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  1. 21 December, 02:46
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    Answer: John's Initial investment is $150,000

    Step-by-step explanation:

    Hi, to answer this question we have to apply the simple interest formula:

    I = p x r x t

    Where:

    I = interest

    P = Principal Amount (or initial investment)

    r = Interest Rate (decimal form)

    To obtain the total balance we have to add the principal amount and the interest.

    p + p x r x t

    Analyzing the values given:

    y=150,000+150,000 (0.007) x

    p = 150,000

    John's Initial investment is $150,000
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