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4. Elliott deposits $500 into a savings account
that earns simple interest at a rate of 3%
annually. What is the closing balance at the
end of the four years?
Hint:
Interest = principle x rate(as decimal) x time(years)
I =
Closing Balance = Principle (p) + Interest (1)
Closing Balance =

Respuesta :

Analice6666

Interest = 500 x .03 x 4

I = 60

Closing Balance = 500 (p) + 60 (1)

Closing Balance = 560

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