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VE If Joel will need $5,000 to buy a car in two years, then how much will he need to deposit now (rounded to the nearest dollar) if his savings account pays an annual 10% simple interest?
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VE

If Joel will need $5,000 to buy a car in two years, then how much will he need to deposit now
(rounded to the nearest dollar) if his savings account pays an annual 10% simple interest?

User David Marble
by
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1 Answer

2 votes

Answer:

$4167

Explanation:

Original Amount: $4167 (rounded)

First Year: $4167 + $416.7 = $4583.7

Second Year $4583.7 + $416.7 = 5000.4

User Vasile Doe
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3.7k points
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