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A savings account earns 5% simple interest per year. The principal is $1200. What is the balance after 4 years? The balance after 4 years is $

A savings account earns 5% simple interest per year. The principal is $1200. What is the balance after 4 years? The balance after 4 years is $
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A savings account earns 5% simple interest per year. The principal is $1200. What is the balance after 4 years?

The balance after 4 years is $

A savings account earns 5% simple interest per year. The principal is $1200. What-example-1
User David Grellscheid
by
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1 Answer

3 votes
the balance after 4 years is 1458.61

use the formula A= P(1+(r/n))nt

= 1200 * (1+.05)^4
= 1200 * 1.2155
= $1458.61
User IARI
by
9.0k points
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