SOLUTION: You invest 5,000 in an account at 5.5% per year simple interest. How much will you have in the account after 5 years? Round your answer to the nearest whole dollar.
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Question 934642: You invest 5,000 in an account at 5.5% per year simple interest. How much will you have in the account after 5 years? Round your answer to the nearest whole dollar. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! You invest 5,000 in an account at 5.5% per year simple interest. How much will you have in the account after 5 years? Round your answer to the nearest whole dollar.
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A(t) = P(1 + rt)
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A(5) = 5000(1 + 0.055*5) = 5000(1.275) = $6375
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Cheers,
Stan H.
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