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ASAP PLEASE HELP HOMEWORK!!!
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11 votes
ASAP PLEASE HELP HOMEWORK!!!

ASAP PLEASE HELP HOMEWORK!!!-example-1
User Buggy
by
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2 Answers

10 votes

Answer: He will have 3750 in 5 years.

Step-by-step explanation: You need to do 500x1.5x5=3750! 500 dollars is the amount in the account. 1.5 is the interest. 5 is the amount of years.

User Bachman
by
3.7k points
4 votes
  • Initial Deposite = $500.00
  • Interest = 1.5 %

So multiply

  • 500 × 1.5 % = 7.5

7.5 percent is equal to only 1 year so ..

  • 7.5 × 5 = 37.5

Then add to 500

  • 37.5 + 500 = $537.50

537.50 is the simple interest but the annual interest is $538.64

User Theatlasroom
by
2.8k points
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