document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=513740>Question 513740</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Assume a firm makes a $2500 deposit into its money market account.  If this account is currently paying 0.7 %, what will the account balance be after 1 year ? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #343128 by </B><A HREF=/tutors/aboutme.mpl?userid=Devinthedev><B>Devinthedev(1)</B></A><img src=\"/images/stars/iconNewId_16x16.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Devinthedev><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=343128\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Here is how you can solve this:\r<BR>\n" );
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document.write( "This is the formula you should use: I=prt or Interest= Principal(Rate)Time\r<BR>\n" );
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document.write( "Step 1: Move the decimal to the left 2 places to convert the percent to a decimal which comes out to .007 You insert this into the formula so it's I=p(.007)t\r<BR>\n" );
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document.write( "Step 2: The $2500 is the p or principal so you insert it into the formula so now it's I= (2500).007(t)\r<BR>\n" );
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document.write( "Step 3: The time is 1 year so you then insert it into the formula where the t is so it's I= (2500).007(1)\r<BR>\n" );
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document.write( "Step 4: You then have to multiply the numbers which comes out to 17.5 then you add the $17.50 to $2500 \r<BR>\n" );
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document.write( "Solution: The firm's account balance after 1 year is $2517.50<BR>\n" );
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