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A savings account earns 4% annual simple interest. The principal is $1,100. What is the balance after 5 years?

A savings account earns 4% annual simple interest. The principal is $1,100. What is the balance after 5 years?
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A savings account earns 4% annual simple interest. The principal is $1,100. What is the balance after 5 years?

User Carlo Field
by
7.3k points

1 Answer

6 votes

Answer:

$220

Explanation:

4% of 1100=$44

$44 × 5 years=$220

User Javierpaniza
by
7.8k points
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