SOLUTION: alice invested 3,000 at a rate of 4 percent per year. How much interest will she receive after 5 years?

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Question 709554: alice invested 3,000 at a rate of 4 percent per year. How much interest will she receive after 5 years?
Answer by jerryguo41(197) About Me  (Show Source):
You can put this solution on YOUR website!
Alice will receive;
P=%283000%2A1.04%5Ex%29
P-3000=I
Where;
I= Interest
P= Total Amount
x= Years
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Plug in numbers:
P=%283000%2A1.04%5E5%29
P=%283000%2A1.2166529024%29
P=3649.9587072
or
P=3659.96 total amount
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Find Interest
P-3000=I
3659.96-3000=I
I=659.96
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Alice gained a total of 659.96 dollars
Alice also has 3659.96 dollars in her investment account