SOLUTION: Alonzo deposits
$700
into an account that pays simple interest at a rate of
2%
per year. How much interest will he be paid in the first
6
years?
Algebra.Com
Question 972038: Alonzo deposits
$700
into an account that pays simple interest at a rate of
2%
per year. How much interest will he be paid in the first
6
years?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
I=PRT=700*.02*6=$84. No compounding, just $14 a year (700*.02)
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