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11 votes
Lance put $40,000 into a bank account that pays 3% interest every 4 months. How much money will Lance have after 5 years?

User Kiheru
by
8.2k points

2 Answers

7 votes

Answer:

here u go

Explanation:

$600,000

Explanation:

interest = 3/100 × 40,000 = $1200

User Hirad Roshandel
by
8.3k points
1 vote

Answer:

$600,000

Explanation:

interest = 3/100 × 40,000 = $1200

4 months = 1/3 years


p = (100 * i)/(rt) = (100 * 1200)/(3 * (1)/(3) ) = 120000

$120,000 in 1 year

5years, 120,000×5 = $600,000

User Joseph Tary
by
7.2k points

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