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Raj won 900,000 in a regional lottery. After paying 350,000 in taxes he invested the remaining money in a savings account at 4.25% simple interest. How much money is in the account if Raj makes no deposits
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Raj won 900,000 in a regional lottery. After paying 350,000 in taxes he invested the remaining money in a savings account at 4.25% simple interest. How much money is in the account if Raj makes no deposits or withdrawals for two years

User Stopshinal
by
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2 Answers

5 votes

Answer:

poopoo

Explanation:

User Aleksander
by
8.4k points
3 votes
simple interest formula

Interest = Principal * rate * time
I = Prt

Amount = Principal + Interest
A = P+I
A = P+Prt
A = P(1+rt)

A = (900000-350000)(1+.0425*2)
A = 550000 * 1.085
A = $596,750.00
User Shawnda
by
7.0k points
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