SOLUTION: Henry puts $5,500 into savings bonds that pay a simple interest rate. of 2.5%. How much money will the bonds be worth at the end of 5 years?

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Question 908090: Henry puts $5,500 into savings bonds that pay a simple interest rate. of 2.5%. How much money will the bonds be worth at the end of 5 years?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Henry puts $5,500 into savings bonds that pay a simple interest rate. of 2.5%. How much money will the bonds be worth at the end of 5 years?
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A(t) = P(1+rt)
A(5) = 5500(1+0.025*5)
A(5) = 5500(1.125)
A(5) = $6187.50
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Cheers,
Stan H.
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