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Mr. Harold invested $1,600 in an account that paid him 3.25% simple interest. What will be the balance of his account after 32 years, including interest? A) $1,664.00 C) $16,640.00 B) $1,536.00 D) $3,264.
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Mar 4, 2023
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Mr. Harold invested $1,600 in an account
that paid him 3.25% simple interest. What
will be the balance of his account after
32 years, including interest?
A) $1,664.00
C) $16,640.00
B) $1,536.00
D) $3,264.00
Mathematics
high-school
Annika
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Annika
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Simple interest can be found using the formula:
I = prt
(Where p = money invested
r = rate of interest
t = time invested in years)
So in this problem, p = 1600, r = 3.25% or .0325 as a decimal, and t = 32.
Now just multiply everything, making sure that 3.25% is a decimal.
1600 x .0325 x 32 = 1664
So the answer is A) $1664.00
Jbranchaud
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Mar 8, 2023
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Jbranchaud
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