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Cheryl made a one-time deposit at Eagle Savings & Loan of $6,400. The bank offers a 4.5% interest rate compounded annually. What is the amount of interest Cheryl will earn a…
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Cheryl made a one-time deposit at Eagle Savings & Loan of $6,400. The bank offers a 4.5% interest rate compounded annually. What is the amount of interest Cheryl will earn a…
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May 21, 2022
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Cheryl made a one-time deposit at Eagle Savings & Loan of $6,400. The bank offers a 4.5% interest rate compounded annually. What is the amount of interest Cheryl will earn at the end of 5 years?
Mathematics
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Esteuart
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$1440
4.5 percent of 6,400 is 288. So, Cheryl earns $288 in interest PER YEAR. 288 times 5 (years) is 1440!
Rufo El Magufo
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May 22, 2022
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Answer: $1,440
Explanation:
i=prt
(6400)(.045)(5)=1440
Yoo
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May 28, 2022
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Yoo
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