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An amount of $8,000 is invested at a simple interest rate of 1.5%. What is the total amount after three years?
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An amount of $8,000 is invested at a simple interest rate of 1.5%. What is the total amount after three years?

User Groovehunter
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2 Answers

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you do $8000(1.50)^3
with 3 being the amount of years. which ends up being $27,000 after three years
User TechGaurdian
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4 votes
If you're looking for the interest the answer would be:
i=8,000*.015*3
i=360.
The interest would be $360 dollars.
The balance would be 8,000+360= $8,360

User Eddie Deng
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