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3. Quincy deposits $400 in a new bank account that earns 4% simple interest per year. What
is the total amount in the account after 3 years?

Respuesta :

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Answer:

$448

Step-by-step explanation:

We can use the simple interest formula for this:

[tex]A = P (1 + rt)[/tex]

P = initial balance

r = annual interest rate

t = time

First, change 4% into its decimal form:

4% -> [tex]\frac{4}{100}[/tex] -> 0.04

Now, lets plug in the values:

[tex]A=400(1+(0.04)(3))[/tex]

[tex]A=448[/tex]

The total amount in the account after 3 years will be $448

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