SOLUTION: 3. Andrea wants to deposit money into a bank account that earns 4% simple annual interest. Use the formula to find the amount of money that she should deposit so that she earns $28
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Question 363633: 3. Andrea wants to deposit money into a bank account that earns 4% simple annual interest. Use the formula to find the amount of money that she should deposit so that she earns $2800 after 3.5 years
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
X(1+.04*3.5)=2,800
X(1+.14)=2,800
1.14X=2,800
X=2,800/1.14
X=$2,456.14 AMOUNT DEPOSITED TO GET @2,800 AFTER 3.5 YEARS.
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