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Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual simple interest rate of 8%. After 12 years, the interest earned on the account
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Oct 24, 2019
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Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual simple interest rate of 8%. After 12 years, the interest earned on the account was $7,680. How much money did Mike's grandmother deposit in the account?
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Answer:
The Answer IS: $8000 Just did the question
Explanation:
Ef Dot
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Oct 25, 2019
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For this problem, we can assume the total money is X, than we can get the equation of: 0.08*X*12=7680, than we can know X=8000, therefore, Mike's grandmother deposit 8000 in the account.
Ridwaan Manuel
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Oct 29, 2019
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