SOLUTION: Mia has $950 in a savings account that earns 2% annual simple interest. How much money will be in her account if she does not make any deposits or withdrawals in 18 months?
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Question 983586: Mia has $950 in a savings account that earns 2% annual simple interest. How much money will be in her account if she does not make any deposits or withdrawals in 18 months?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
For simple interest:
and
So
)
Where
represents the Future Value, 
represents the present value, 
represents the interest rate expressed as a decimal, and 
represents the duration of the investment in years. Plug in your numbers and do the arithmetic.
John
My calculator said it, I believe it, that settles it
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