You invest 1000 in an account that pays simple interest of 4% for 10 years.

asked May 15, 2021 120k views

2 votes

by JAAD

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5 votes

Answer:

$1480.24

Explanation:

Simple interest rate formula: A = P(1 + r)^t

Simply plug in our known variables and solve:

A = 1000(1 + 0.04)^10

A = 1480.24

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