You deposit 650$ in an account paying an annual simple interest rate of 7.2% find the future value of the investment

Noro asked Nov 5, 2023

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Noro asked Nov 5, 2023

by Noro

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22 votes

solution\

$\begin{gathered} P=650\text{ } \\ r=7.2\% \end{gathered}$

The future value is;

$\begin{gathered} FV=650+(650(7.2)t)/(100) \\ FV=650+46.8t \end{gathered}$

Where t is the number of years.

BRPocock answered Nov 11, 2023

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